Bridging finance offers far reaching solutions to short term financial issues, and can support a broad range of projects beyond housing or construction.
The firms latest deal saw a business owner in Newcastle upon Tyne, keen to access cash quickly to support his latest business project. The client had been given a security property in part exchange under a wider business agreement. The property was sold Subject to Contract, however, a completion date had not been finalised and a cash injection was required quickly.
The client approached BFS who discussed the options and the client opted for a six month bridging loan at 0.99% PCM with an agreement to repay the loan in full once the sale completes. The property was valued at £295k and a £164,551 loan was provided.
Adam Wolstenholme at BFS commented: “Bridging can be a viable solution for unlocking so many different types of business deals and providing access to cash quickly and efficiently with a clear exit strategy in place that’s viable for the client.
“This case typifies the versatility of bridging and the support it can offer when used in the right way.”