The Ask
Our broker came to us as their client needed a bridging loan to redeem an existing mortgage that had reached the end of its term.
Not only were funds required within 14 working days to prevent legal proceedings, but additional capital was also needed to invest in their charity businesses.
The Challenge
The security was unusual, as we were lending against the borrower’s main residence, which included land with outline planning for a large development site.
The broker asked us to lend only against the current value, with the exit being a negotiated sale to a high-net-worth buyer who would purchase the property in its entirety and secure full planning permission for future development.
The Fix
Solicitors were instructed immediately, and a valuer was sourced who could deliver a report within that working week. In just eight working days, we provided a £2.48m first-charge bridging loan at 1.14%.
The Benefit
Not only did the client redeem their mortgage on time and avoid costly penalties, but they also raised much-needed additional capital to invest back into their charity business.
If your client needs flexible bridging finance to meet a tight deadline, get in touch with the Masthaven Finance team today – we’re ready when you are.
