October 3rd, 2017. Ben Lloyd
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 Ben Lloyd
October 3rd, 2017
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben