Large Bridging Loans
Bridgingloans.co.uk has today completed one of its largest bridging loans to date. The multi-million pound funding was required to purchase a large repossessed new build office block complex in the centre of a major UK city. Our client, a recently formed, off-shore limited company had successful bid for the property at auction some 2 weeks prior to our contact and managed to purchase at less than 1/3rd of the marketed asking price being requested prior to the property being repossessed.
Since paying the required 10% deposit our client had come to realise that he had been strung along for 2 weeks by his long term and previously trusted mortgage broker who was unable to locate the balance of the funds needed to complete the purchase in the 28 day, time frame required, despite being at the beginning so confident that he could do so. Our client now understood that he needed focussed and specialist help to prevent a default of the purchase agreement and possible loss of his deposit and more importantly loss of his bargain property.
Via a trusted family business acquaintance, bridgingloans.co.uk had been recommended to our client due to our no nonsense reputation of being open and honest at all times and always doing the utmost to do what we say. After an initial telephone conversation, we located a lender who agreed to supply the funds required for the purchase in the timeframe needed and at an excellent rate which was much lower than our client had been quoted previously and seen advertised elsewhere. We emailed the basics of the deal back to our client, including details of a substantial discount we had managed to negotiate in the arrangement fee and as such the client subsequently gave us the authority to act on his behalf.
To get the best possible rate, we had advised the client to secure the purchase funds required against other owned property rather than the office complex. Our client had a large portfolio of prime central London residential investments which would be more interesting to a wider range of lenders and which would give us more choice and ability to negotiate the best possible deal and with the lowest fees etc. We secured as a first charge on one property and as a second charge on another.
We completed all the paperwork required to transact the case and emailed this to the client. Due to the tight time frame the client immediately completed the paperwork,emailed back and on the same day we forwarded this emailed paperwork to the lender who at the same time instructed the valuations. As the reputation and standing of bridgingloans.co.uk is so strong, the lender was able to process the case through to offer by using the emailed documents only. The case completed just in time and although one issue occurred during processing, we used our high level contacts within the lenders organisation to ensure that the problem was quickly and efficiently dealt with.
We will be arranging the long term commercial mortgage finance for the client so he can repay the bridging finance as required and also because of the performance of our team at bridgingloans.co.uk we have been asked to look at two more bridging loan projects for the client.