Bridgebank has again proven their skill and expertise, this time completing on a tricky loan within 5 days, where other lenders had declined to lend. The team worked quickly demonstrating their ability to lend at short deadlines on a complicated scenario:
The borrower had a mixed use property and had agreed an option to purchase for one year ending 31st March. He converted the property to a mixed use residential and commercial site and brought in tenants intending to refinance or sell on his option but with only two weeks to go to the deadline and finance or a buyer not yet in place, he approached Lisa Williams at Keys UK Ltd to assist with a bridging loan instead.
The buyer needed the bridge to cover the entire option price plus costs so Lisa called around some lenders to find that no-one would lend the full purchase price, let alone any additional funds; however this is exactly what Bridgebank agreed to do.
Even a last minute hitch with the survey didn’t prevent the deal from going through as planned; with just a week to go we arranged a structural engineer’s report and as a result rearranged the financing. Everyone worked incredibly hard to ensure this deal went through on the 30th March.
Lisa commented “I’d like to offer my thanks to Richard King and Bridgebank Capital for their assistance regarding a recent transaction….I’m pleased to say that my client has a number of other similar deals in the pipeline and very much look forward to working with Bridgebank on them.”
Laurence Goodman, Managing Director at Bridgebank Capital, commented “This loan is testament to Bridgebank’s commitment to exceptional service and expertise and it demonstrates our ability to provide bridging loans quickly. The team worked at speed with efficiency liaising with the borrower, the solicitors, the introducer and the valuers to hit the borrower’s deadline.”