Bridging loan against a mixed-use property in Soho

CONTACT CALLUM

THE SCENARIO

OUR SOLUTION

I approached a lender we have been submitting business to for many years and where we have developed a very trusting relationship with them. When I approached them with the deal we were offered a rate of 1.25%. Purely by coincidence, it turned out this was the same lender the other broker had been quoted 1.5% with, presenting my client with a significant saving by using Enness. I co-ordinated this deal so the term of the loan was 9 months long. It was also agreed he would be able to receive a further advance from the existing first charge mortgage lender after six months to repay the bridging finance. After the substantial valuation reports which took a week, I completed the deal within three weeks which is very quick for such a complex deal. I was also able to supply my client with a term sheet on the same day the enquiry was submitted. This was great for my client as it meant he could present it to HMRC to demonstrate his ability to pay his tax bill. He was very happy with the outcome and the peace of mind Enness’ services offered.