£3.5 Million Re-Bridge from UK Property Finance
A client who had a number of London based properties in his real estate portfolio recently approached us for bridging finance in order to fund the purchase of large office building in the Birmingham area, which he planned to refurbish before selling on for a considerable profit. In order to get the lowest interest rate on the loan, our client managed to raise three million using his residential apartments in the capital as collateral. Around 8 months into the bridging loan, with 15 weeks to go before the end of the loan term was reached, we called the client to check that everything was on track, which is when we discovered that the agreed exit strategy had fallen through owing to unforeseen circumstances.
As leading bridging loan experts, we set about sourcing an alternative finance plan, which our client could use to settle the outstanding debt plus the associated fees borrowing fees. As the London based flats and apartments that the client had used as security were in a prime location and with the rates being an important aspect of the refinancing solution, we knew exactly who to approach for the required funds.
Within less than a week, we were able to source a new 12-month loan with low borrowing rates and a value of £3.4 million, which solved all of our client’s problems at once whilst affording him sufficient time to repay the new debt whilst completing the sale of his recently refurbished commercial property. Both lender and client were highly satisfied with the new terms and our client made the profit he was looking for without losing the properties that he provided as security in the first place.
UK Property Finance have a long standing relationship with many Property Investors and excellent customer feedback from our clients as a whole. We pride ourselves on only offering the very best levels of service and achieve this by the commitment of our staff and the high standard of lenders with whom we choose to work.
UK Property Finance are a “Whole of Market”, Directly FCA Authorised & Regulated, Master Finance Broker specialising in Bridging Loans, Development Finance & Commercial Finance. Our “Whole of Market” broker status enables us to source Bridging Loans & Development Loans from any lender in the market enabling us to provide the very best of rates.