Time was ticking for a business owner looking for a bridging loan of £780,000 to purchase machinery. If the purchase was not made within the strict deadline, the deposits would be lost and business would cease. Not only that, but the second charge had to be placed on the director’s main residence, something that traditional bridging lenders would struggle to deal with in such a short timeframe.
Enter the BridgeCrowd.
The expertise of the team meant that this deadline was achieved. When the mortgage questionnaire was returned from the first charge holder, the balance was much higher than expected, but the BridgeCrowd managed to complete the deal without raising the rate or fees to match the discrepancy in balance. Despite the rise in LTV the BridgeCrowd worked alongside the first charge holders to keep the rates as low as possible.
The business owner was able to purchase the machinery within the timeframes required, and his business can now continue to thrive.
Louis Alexander, pictured, MD, The BridgeCrowd said:
‘We thrive on the challenges our clients set for us and always seek to secure the best deal for our customers as quickly as possible. Our excellent relationships with first charge holders support our values and together we can overcome most hurdles.’