21Finance provides finance to stop repossession

By Bridging Loan Directory 30th May 2024

Kent based specialist finance broker, 21Finance, has successfully completed a mortgage for a broker client, whose commercial and residential property was due to be repossessed.

The mixed use property, which included a plot for the building of 9 flats, was due to be repossessed on behalf of a lender who held a 1^st charge of £1.3 million against the property.

The existing lender had arranged for the property to go to auction due to receivership which had in turn reduced its valuation down to £390,000 with no chance of a fair sale value.

21Finance was able to find a specialist lender to provide finance within 10 business days on a second charge on one property and a first charge on another property owned by the client.

According to Head of Originations, Ranjit Narwal, this case shows just how effective 21Finance can be for brokers with clients who need immediate help to refinance.

He said, “21Finance was able to help this particular client because of its expertise, not only in securing the right finance but because of our ability to liaise with all the parties involved including, in this case, the receivers, both sets of lenders and their solicitors.”

Ranjit added, “It is not difficult to know likely lenders but only a firm with 21Finance’s depth of knowledge and commitment to getting the deal over the line was going to save these clients from a very bad outcome.”