PBL133 + PBL194 Woodlands, C********** BOTH REPAID

Which is encouraging, assuming the loan is not secured solely on the (overvalued) woodland.

Let's break it down...

As I understand the property is part of a larger unit, which he wishes to keep together. (For example, access to the woodland is a positive selling feature for the livery stables mentioned in one of the VRs.)

If I understand correctly, forestry holdings are generally IHT exempt, which adds to their desirability to wealthy individuals. (But it doesn't take too many years at bridging loan rates to eat up the IHT savings.)

I had a quick look for woodland on sale, and the first thing that came up was a company selling small woods as "lifestyle" purchases at around £10,000 per acre. (The nearest property to me is a rough pasture, rather than a woodland, and in my opinion ought to be going for more like £3,000 per acre.)

I would guess about £2k, though it could be somewhat higher if people are uneasy about the valuation.

Asset  rich but cash poor.

Repayment is via funds from disposal of other assets, it does make some sense to borrow against those you want to keep rather than those you are disposing of as it simplifies the disposal. We don't know what the original funds were for, it might have been to clear some other outstanding debt or to invest in a new project from which the returns far exceed the short term cost of the interest.

I must admit I would have thought they would do better putting up more properties as security for a lower LTV and therefore better rate from other sources, but there again its possible that the extra fees and complexity involved would negate most of the benefit.