Somo completes £1.63m bridging refinance on Hornchurch buy-to-let

Somo has completed a £1.63m refinance facility to redeem an existing bridging loan secured against a buy-to-let property in Hornchurch.

The borrower, Miss A, required funding to refinance a bridging facility that was approaching expiry. The original loan had been used to acquire the property and had a redemption figure of £1.826m.

With the deadline approaching, the refinance required a lender able to move quickly while taking a pragmatic view of the transaction.

Somo structured a £1,630,000 first-charge facility at 65% loan-to-value against the property, which was valued at £2.5m.

Although the borrower presented with a clean credit profile, the transaction required careful coordination due to the tight completion timeline.

The refinance also relied on a contribution of approximately £366,000 from the sale of another property, which required solicitor confirmation ahead of completion.

The loan completed in time to redeem the outgoing bridge before expiry.

Somo said the deal was supported by the strength of the underlying asset and the property’s established rental income.

The transaction enabled the outgoing lender to be redeemed in full and allowed the borrower to transition smoothly onto longer-term buy-to-let finance.

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