The borrower owned an investment property in St John’s Wood valued at £6.95m, which he was happy to use as security.
The client had a two-week window to raise funds to take advantage of a very time-constrained opportunity for one of his businesses.
A valuation was completed within eight days of the original approach and during this period, Central Bridging obtained a full due diligence pack, including application forms and consent from the client’s first mortgage lender.
- Central Bridging completes £1.16m loan in seven days
- Together completes £500,000 bridge in seven working hours
- Arbuthnot Commercial ABL provides £2m facility to support business acquisition
The loan was secured against the property at a rate of 1.15% per month over a period of 18 months at an LTV of 55%.
The loan will be repaid by the sale of other business assets.
“While this loan was double the size of our published maximum second charge, the strength of both the client, his security and the exit strategy enabled us to move quickly and fund this deal on an exceptional basis,” said John Clifford, managing director at Central Bridging (pictured above).
“Despite a back drop of great political and economic uncertainty, our confidence in the high-end London market remains strong.”