Our client stood to lose a £50,000 deposit, and suffer significant business interruption, following a late legal hitch in a Commercial property purchase.
The clients were purchasing a new site to expand their business with a term loan facility and were facing the loss of their deposit if the purchase did not complete within the vendors deadline.
To save the deposit loss, we approached one of our lenders who agreed to use the existing valuation and some of the existing documentation from the term facility to arrange a bridging loan.
The case raised plenty of challenges but working closely with the lender allowed us to achieve a result in record time – the bridge was instructed at 1pm on Thursday and funds were released at 12pm on Friday.
The Introducer of the client commented “the borrowers are valued clients of ours and we are very happy to have helped find a solution for them in their time of need, but we could not have done it without your help”.
Russell Martin, MD of Finance 4 Business commented “short term finance is an evolving market, with completion timescales increasing in the main. It is refreshing to demonstrate that when required, quick bridges can be expedited. That said, relationships are key to completing at speed and understanding the nuances and processes of specific lenders is paramount”.
If you’ve got a bridging enquiry where deadlines are tight, don’t hesitate to contact our team of experts on 0121 309 0444.