Central Bridging completes £550k second charge bridging loan in just 8 working days
Central Bridging has just completed a £550k second charge bridging loan in just eight working days for a lawyer based in South East London.
The client needed to raise funds against his main residence in order to take advantage of a very time-constrained opportunity for his business. Introduced by a leading London Property Consultancy, the deadline was extremely tight with a window of less than two weeks in which to realise the investment opportunity.
Consequently, a valuation was instructed and obtained within just 6 days of the original approach and during this time Central obtained a full due diligence pack, including application forms and consent from the client’s first mortgage lender. Con-currently the client and his partner received full independent legal advice from their own lawyers.
With the property valuing at £1.6m, Central’s loan was completed at 64.8% LTV on a second charge basis, at a rate of 0.95% PM with a term of 12 months.
The loan will be repaid by the sale of other business assets.
John Clifford, pictured, Managing Director, Central Bridging said:
“Whilst this loan was somewhat smaller than most of our recent completions it was satisfying to beat an exacting deadline with a couple of days to spare. That we were able to do so owes much to the strength of the client, his security property and the co-operation he gave to our processing team.
The year has started brilliantly at Central and we are delighted to be helping commercially astute investors and businessmen to take advantage of opportunities that might otherwise be lost.”