Lendhub completes complex £2.7m residential bridging loan in 10 days
An introducer approached Lendhub with a client who was part way through a development scheme consisting of 26 flats and 5 houses when cost overruns resulted in a shortfall in funds that were required to complete. With project at risk, the borrower needed funds quickly.
Lendhub acted fast and provided funds within 10 days to ensure the work could continue and the scheme could be completed. The case was made more complex because the facility was secured against other assets as the development site was charged with other lenders. This gave Lendhub limited control over the exit strategy; however, this was overcome by regular site visits and excellent working relationships. The borrower plans to redeem the loan upon sale of the units.
Max Herman, pictured, Lending Manager, commented:
“We were really pleased to be able to step-in and assist our introducer after another lender was unable to proceed following a lower than expected valuation. A complex loan within tight timescales was made possible by all involved working in co-ordination.”