THE SCENARIO
commercial asset. I pulled together some numbers from local fishermen who fished in the lake to evidence the income it generated. As a result, the plot of land was valued at £250k market value.
Further, my client’s age was also an issue. Most lenders will typically only lend up to around the age of 70-75. I managed to negotiate the exit of the loan to be the sale of the property to satisfy this concern.
I approached a lender who I have worked very closely with on previous bridging cases, and exercised my influence to secure a fantastic rate for my very happy client. This bridging loan was offered over a 12-month period, for £185k at a rate of 1.25%.
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