A high net worth London businessman approached us looking to borrow £900,000 to fund investments in new companies. He had two properties, one in Kensington valued at £8.5m and another in the Cotswolds valued at £5.5m. The deal wasn't straight forward as he had a floating charge of £6.5m across the two properties and many lenders could not get comfortable with it.
We have a lender who specialises in these deals and we arranged a bridging loan for 12 months and completed the transaction with the applicant within 10 days, demonstrating our ability to work in short timeframes.
The Bridge was secured as a 2nd charge across both properties and the exit would be the sale of the property in The Cotswolds. The client was able to invest in his new business venture and the 12-month term gave him plenty of time to repay the loan.
These fast pay-outs are achievable through a limited number of private lenders who offer an efficient service and do not require full valuations.
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