The BridgeCrowd organises £900k loan for New York client

By Bridging Loan Directory 11th January 2018

A second charge loan was needed to repay already existing short term 2nd charge on a property as well as a HMRC Bill. Time was of the essence as the client was facing potential default fees should the existing 2nd charge not repaid before its due date, there was also the possibility the client would have to deal with HMRC and the recovery of that debt. Problem was, he was in New York and high street lenders were not available outside of office hours making the time difference impossible to work around.

Enter the BridgeCrowd.

As ever, the dedicated team turned a problem into an effective solution and worked closely with the client throughout, often at unsociable hours. The client was given direct access to the underwriter at all times. The BridgeCrowd were also able to take a view on underwriting aspects, and instead of insisting on the smaller details that a traditional bridging lender would have required, they could progress with the loan using the information provided, despite the client’s adverse credit. The £900,000 loan was secured against a luxury 5 bedroom property in North London and indemnity policies were taken out to cover long standing building regulations. Success once again.

A key ingredient in this winning formula was the outstanding achievement from the case manager in organising consent from the 1st charge holder within just 48 hours when the service levels at the time were at 12 working days.

The efficiency, dedication and knowledge of the BridgeCrowd ensured that this client was able to secure his business loan on a residential property and avoid HMRC debt recovery, all without having to leave the Big Apple.

Louis Alexander, pictured, MD, The BridgeCrowd said:

‘Exemplary customer service is important to us and we pride ourselves on going that extra mile for our clients. We are always more than happy to be flexible and work to our clients’ individual requirements. Our case manager’s dedication and persistence in obtaining consent from the 1^st charge holder so quickly is another example of the brilliant working relationships that we share, and we are very proud to have kept focus of what is important to us as we grow as a business.’