Bridging in Scotland for BFS is very much underway as the regional team finalise their first bridging loan.
The leading short-term finance specialist launched in Scotland earlier this year and has been making huge strides, developing a growing foothold in this part of the UK.
In this first case, the client had purchased the property in Edinburgh, a former duplex that had since been made into two flats, and was keen to turn it back into its original layout. The client had secured a bridge several months prior. However, due to planning, a very high standard of work and bespoke specifications had overrun on her projected costs. The client had tried to fund this extra finance via credit cards and personal income and required an additional £50,000 to complete the work, allowing her to refinance onto a long-term product and clear any associated credit card debt.
The original lender wouldn’t allow the loan to be extended as the client had a number of credit card mis-payments since the original loan. BFS felt confident in the client’s ability to repay the loan once the project was complete and confirmed a loan of £351,000.
A valuation of £720,000 was established, and the deal was completed within three weeks. The collaborative approach from all professional services involved was instrumental in the quick turnaround.
Steve Barber, Managing Director of BFS, commented: “We have spent many years refining our products, service proposition and processes to a UK market and now feel confident to expand our business into Scotland.
“It’s great to see our first deal confirmed in what we consider to be a fairly straightforward bridge. We’ve had incredibly positive feedback from the client and worked well with the local broker. We are building new relationships and partnerships in Scotland and expect to see similar stories emerge from satisfied customers in the coming months.”