Clever Lending and Lowry Capital save Scottish client £1.2 million
Master broker Clever Lending acted quickly to help save a corporate borrower in a debt reduction deal from their high street bank worth £1.2m.
With a thorough knowledge of the bridging finance sector and lenders’ criteria, Clever Lending was able to promptly place the request for fast funding with bridging finance lender Lowry Capital.
Clever Lending’s sales manager Jack Robertson who supports brokers in Scotland, worked very closely with Lowry Capital and they agreed that the funds could only be delivered on time with a bridging loan, even though it was a complex case, with many properties located all over Scotland to be used as security and a very short deadline.
With the client needing the funds within twenty eight days (nineteen working days) and the loan security made up of twenty one separate commercial properties located throughout Scotland, there was an added difficulty that some off the properties were not yet registered on the new Scottish land registry.
However, valuations were instructed on the 5th October with three separate surveyor firms needed to be utilised to meet the wide geographical spread of the portfolio and timeframe deadline. Lowry Capital also had to take a view on some of the properties which were outside normal lending criteria, demonstrating a flexible but commercial approach.
Valuations were received back on the 24th October with legals instructed within one hour of receipt of the reports. The full legal process was concluded within four working days including full review and report on twenty one leases.
Full funds were made available by the 28th October, some four days before the deadline.
Jack Robertson, sales manager for Scotland at Clever Lending, said:
“This is a great example of how the expert knowledge Clever has of lenders’ products can mean we can act fast to place the right client with the right lender. As a master broker with first class understanding of bridging finance criteria, we were quickly able to place the case with Lowry in order to achieve the client’s objectives and have the right outcome for the finance requirements.”
Richard Basso at Lowry Capital commented:
“This was a really challenging case but having met the client and spoke to all parties we believed that whilst tight the deadline was achievable, we obviously had a very motivated borrower who had the opportunity to benefit to the tune of £1.2 million!
“Working closely with Jack from Clever Lending, and with the help of a first class service from our Scottish lawyers and three Scottish surveying firms we were able to pull this together in nineteen working days. I believe this case is a fantastic example of the financial benefits that can be achieved by a great bridging service.”