October 3rd, 2017. Luke Egan
Deal of the Month: Bridge Secured Despite the Borrower Being 5,000m Away
Sometimes lenders can be reluctant to lend to foreign nationals as the UK is not their main country of residence, that is why we’re especially proud of the hard work our team put in to make this deal a success.
October’s ‘Deal of the Month’ saw two clients approach us for bridging finance after they had been referred to the Pure team by their mortgage broker due to the complexities of their case.
The clients required a gross loan of £889,000 over a nine-month term that would be secured against the site of their previous business. This would be used to purchase a large ten-bedroom house, as well as an executive flat in Canary Wharf, and this would re-bridge their finances after a previous exit of a bridging loan failed when the sale of their property fell through.
As both parties were foreign nationals and one of the clients would be in India whilst the bridge loan was going through, anyone other than a specialist finance broker may not be able to find a lender. However, thanks to the experience of the Pure Commercial Finance team and the great relationships we have with lenders, we were able to complete the deal.
Do you require a bridging loan, but have complicated circumstances? Then our specialist commercial finance brokers may be able to help. Discuss your bridging finance requirements with a member of the team today by calling 02920 766 565.
Article By Luke Egan
October 3rd, 2017
Luke heads up our specialist property finance team where his focus is to drive our transactions valued between £100k and £5m.
Luke and his team manage enquiries from initial enquiry through to redemption. Luke also sits on the internal credit committee with Ben and Tom.
Luke joined Pure back in 2014 following a successful role in the Barclays property finance team that lasted over 8 years.See more articles by Luke