We were approached by a client that required an urgent bridging loan to repay his existing lender as the loan has now expired and they need the loan redeemed or face the possibility of being repossessed. To maximise the loan facility the client wanted to service the loan due to the loan to value being at 75%.
Through our excellent relationships with our bridging lenders, we were able to arrange the loan through a lender who was able to meet the borrower’s request. After numerous emails and calls with the underwriter they got comfortable with the security being offered.
We were able to broker a total facility of £301,00 on a serviced basis with a monthly rate of 0.96%.
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