Bridging Finance Solutions has completed one of its largest bridging deals this quarter with a £1.89 million short term loan for a London based client.
The client had purchased the property, refurbished it as an investment with plans to sell it on. With several offers to purchase in the pipeline, unfortunately, each one fell through at the final hurdle, leaving the client in an unsettling position where his current loan was set to expire. Whilst the current lender was happy to extend the deal, a minimum term of three months was in place, retaining pressure on the client if the property wasn’t sold within that timeframe.
Due to extenuating circumstances, the clients had temporarily moved into the property, now making this transaction a Regulated loan. As an FCA Regulated lender, The BFS team where happy to support the deal with decisions made based on the current open market value of the property and the position of the client.
Funds were arranged in time to repay the current lender and give the client valuable time to achieve a sale at the open market value, as opposed to a fire sale.
Andy Greenhalgh, Business Development Manager at BFS commented: “As with so many bridging deals, time is an over-arching factor. The clients needed the space to regroup and push a sale through that would realise the true value of the property. Using BFS and our finance package, gave them this opportunity and we’re delighted to report there is currently a high level of interest in the property.”
He added: “Partnerships with introducing brokers and professionals is key to the success of many of our deals, each of whom recognise the significance of fast and timely decision making, and the importance of keeping all parties updated throughout the process.”
