25 years Capital and Interest
Base + 5.25%
2% Arrangement Fee
Our client had bought and totally refurbished a grade 2 listed building in the North West using a bridging loan. When the property was completed and a tenant signed up, the client arranged with a term lender to refinance the bridging loan.
Unfortunately, due to lockdown, their lender exited from the commercial property sector leaving our client with no way to repay their bridging lender.
They were referred to us by an existing client who we had helped in similar circumstances, and after an initial on-line meeting, we began to draw up a shortlist of lenders who were still in this market. We were then able to present the client with more than one option.
As time was of the essence and lockdown meant a different way of working for everyone, we liaised closely with all parties to keep the loan application on track and we even negotiated a higher LTV than the incoming mortgage lenders’ policy normally allows for, after the valuation figure came in lower than expected.
Thanks to a co-ordinated, linked up approach the loan was drawn down in time to repay the original bridging loan and our customer avoided paying expensive default rates and charges.