BFS has completed an overseas short term financing deal, supporting an ex-pat client in reaching his Dubai property goals.
The client, an expat living in Dubai, approached BFS to provide a regulated bridging facility secured against a UK rental property. The bridging loan would be used to raise the deposit for a new residential purchase in Dubai. During the process, the original property purchase fell through and therefore the deal took many months to complete due to factors outside of all parties control.
A second property was found and a loan of £307,000 was agreed under a six month term. A clear exit strategy was confirmed where the client will refinance at the end of the term onto an expat Buy To Let product.
Other lenders declined any application due to funds leaving the UK, however, BFS completed enhanced due diligence with the support of the firms professional partners, including lawyers, gaining comfort and confidence with the transaction.
Adam Wolstenholme led the deal on behalf of BFS. He explained: “Lending involving properties outside the UK isn’t our usual route to bridging however, as with many of our deals we took an independent approach and considered the case in its entirety. In this instance, we were able to use the UK property to secure the loan, and where able to identify a clear exit with the client.
“This case highlights some of the over-arching benefits of independent lending. We are not governed by the rigid decisions of a computer and can take a flexible approach to any application within our own guidelines. Whilst many lenders simply won’t entertain funding property deals outside the UK, we were able to find a way forward, finding a tangible solution to the challenges around this case.”
