Norton Broker Services completes £1.55 million bridging loan

09 July 2024

Norton Broker Services, the specialist finance packager and master broker, has recently secured a bridging loan worth £1,559,000 with Funding 365 for a foreign national residing in the UK who needed to rebridge to a tight deadline or face large default penalties.

Using his expertise and extensive lender relationships, Sonny Gosai initially approached Funding 365 at the recent Bridging & Commercial Awards, and discussed the deal with the lender’s directors and underwriter, Krisha Karunananthan.

The deal was offered at 0.84% per month and completed in 17 days, one day before the existing deadline. The rebridge facility, which was secured against a detached house in Greater Manchester, had previously been rejected by other lenders. The new loan gives the applicant comfort to sell the security for another 12 months.

Sonny Gosai, Senior Sales & Development Manager at Norton Group says: “Securing the loan within a tight timeframe is a great outcome for the client as it has enabled them to avoid the significant penalties they would have incurred for failing to meet the deadline on their previous loan and also provides them with more time to sell the property.

“Given the fact that the client had been refused by a number of other lenders, this successful outcome shows how much can be achieved when lenders and brokers work closely together.”

Krisha Karunananthan, Senior Underwriter at Funding 365, adds, “It’s always a pleasure to collaborate with Sonny and Norton Broker Services, especially when - as was the case with this loan - the borrower needs a truly bespoke bridging solution to a hard deadline.”