Hope Capital provides part and part bridging loan on a refinance
Hope Capital had a particular client who, fairly typically, needed a bridging loan to repay an existing charge on a property he already owned. Once in place, he would be able to raise funds for a short-term working capital requirement and proceed with the end goal – a hotel development.
His situation was made that bit more complicated by several dissolved companies that needed investigating, some CCJ’s he wasn’t even aware of and the fact he wanted to service some element of the loan. Thankfully for him, Hope Capital knew that if the story was fully explained and understood, they would probably be able to help once we had a full understanding.
It was the broker’s first case with Hope Capital, which made them naturally apprehensive. Both broker and client required every part of the process explained in meticulous detail, but clear communication is a specialty of Hope Capital.
The underwriting team at Hope Capital made all the time necessary to chat transparently with the broker, introducing themselves and the process. This laid the foundations for a great working relationship, and once they had undergone our internal processes, we helped the client obtain all the information needed to tidy up his credit file. The unpaid CCJ was settled promptly, to avoid any delays, and the team set about structuring the loan so that three months interest was deducted up-front, with the remaining nine months interest serviced over 12 months. This made the payments more manageable and helped net the client the full amount needed against the valuation.
When amends requested by the client’s solicitor were thrown in at the last minute, the Hope Capital team made sure there were no delays and that everybody felt happy with the solution.
The open, collaborative approach by Hope Capital meant not only a successful and swift outcome for the client this time, but a solid understanding from both the client and broker on how things work best for all stakeholders. Meaning they’re ready to go again on any future deals. Being flexible helped ensure that delays were kept to a minimum, and that everyone felt reassured from beginning to end.
Neil Farrar Smith, Sigma Commercial said:
“Great to get our first deal over the line. Your proactive communication with all parties was first class.”