MAXIMUM NET ADVANCE, MINIMUM COST
One of our brokers contacted us to help him arrange a commercial loan for a client who had been let down by a lender at the last minute.
The client needed the loan to repay an investor who lent him the funds to buy six retail units at an auction. The deadline was fast approaching and failing to repay on time would have meant substantial penalties.
The quickest option was to arrange a bridging loan. We managed to find a lender that was willing to take a comfort charge on another property, even though this was already mortgaged to 70% LTV. The solicitors were instructed within 3 working days and the bridging loan arranged was on 4 months retained and 8 months serviced terms. This allowed the client to get the maximum net advance at the minimum cost.