September 13th, 2017. Luke Egan
Deal of the Month: Funds Released Within 100 Hours!
One of the main benefits of an unregulated commercial bridging loan is the speed in which it can be secured, however our team outdid themselves in this latest ‘Deal of the Month’.
The client made an enquiry on Monday morning about acquiring £25,000 to finish the refurbishment of his investment property before putting it on the market. The only issue was that this property was too highly geared and therefore it was unlikely that he would be able to secure additional funding against it.
Despite this, our Specialist Property Finance Broker, Tom Rowlands, managed to find the client the money he needed. How? Well, Tom’s strategy was to make use of business exemption. Tom sought about securing a £25,000 bridging loan on the client’s main residence which had sufficient equity behind its existing mortgage.
A formal offer was made Tuesday, the offer was accepted and the funds were released by Thursday afternoon – that’s under 100 hours. The client can now finish his property refurbishment and will soon be ready to put it up for sale and repay his debt.
Sometimes there may not be an obvious answer to your financial woes, however with the help of a trained and experienced financial broker who understands business exemptions and second charges there could be a solution.
If you’re in a similar situation to this client, get in touch with our friendly team on 02920 766565 to see how we can help you.
Article By Luke Egan
September 13th, 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