September 13th, 2017. Ben Lloyd
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 Ben Lloyd
September 13th, 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