A Speedy Re-Bridge
A broker came to us with a client who needed a bridging loan to be completed quickly in order to repay a previous bridging loan that was coming up to term soon. The Property comprised of a recently converted 12 Bed HMO that would be fully let to students. The exit for the current loan was via sale of another asset which hadn't yet sold.
Going over term would have meant higher fees and charges which could be avoided with a quick re-bridge.
Solution
We immediately got to work and managed to turn around the valuation in 4 days.The solicitors were then instructed straight away and the case was ready to complete in under a week.
Loan Amount: £515,000
Term: 12 Months
Type: Interest Only
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