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Refurbishment Bridging Loan

Deal Structure

£3.2m gross facility

67.5% Loan To GDV

2.5% Arrangement Fee

Interest at 1% pcm

100% Loan to Cost, with Additional Security provided

Deal Summary

Funding was required by an existing client to refinance a 1st charge and 2nd charge loan on a large property near Kensington. The property was to be extended and sold.

Renovations had started but stalled on the property, with a contractor going into administration part way through the works.

The client had a new builder in place who was ready to re-start the project straight away.

Positive Commercial Finance facilitated a deal that allowed the client to agree a portion of debt forgiveness with one of the existing lenders, and provided enough funds to complete the project so the client could ultimately realise the equity/ profit he had in the project.

The loan completed quickly, despite a couple of hurdles along the way.

The house will be marketed for sale within the next month and the works are now progressing rapidly.

James Waddicker

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James Waddicker

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Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address 1 Harvey Street, Bury BL8 1NL. Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACFB and FIBA. ICO registration reference Z1196910.

We are a credit broker, not a lender. We work with a panel of lenders who may pay us a commission. This amount varies between lenders.