The facility – secured against a house in Croydon – enabled a pair of siblings to refinance an existing bridging loan, fund the final phase of works and provide a small amount of equity release.
The pair had inherited the property and were subdividing it into two flats.
They experienced time delays and cost overruns with the refurbishment and were faced with a stalling scheme and heavy penalties due to the original bridge being close to expiry.
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Ortus found that the delays were outside of the borrowers’ control and they had a clear vision of what was required to complete the job.
The specialist lender was keen to help and save the pair from incurring additional fees.
The deal was introduced by Keith Leighton at Finance 4 Business.
He said: “The team at Ortus got to grips with the clients’ requirements straightaway and were really helpful throughout the process.”