Funding 365 completes £8.5m bridging loan in 3 days
Fast bridging lender Funding 365 has completed an £8.5m bridging loan within 3 working days to save a borrower’s buy to let portfolio from being sold at auction.
The borrower needed to re-finance very quickly as their high street lender had appointed an LPA receiver following a dispute and a number of its properties were due to be sold within days.
The loan, which was brokered by LINK Capital UK, was supported by security over a portfolio of 16 commercial and residential properties.
Known for its ability to execute complicated bridging loans very quickly, Funding 365 previously completed a £6.2m semi-commercial bridging loan within just 1 working day of agreeing terms with the borrower.
Funding 365 Managing Director, Mike Strange comments:
”We are very pleased that we were able to help the borrower retain ownership of their property portfolio and allow them the time to re-finance with a term mortgage. This is just another example of the quick, tailored service that our broker partners have come to appreciate from us. Credit must equally go to the team at LINK Capital UK and to our solicitors who worked above and beyond to complete this case within such tight time constraints.”
LINK Capital UK Managing Director, Theo Kemp comments:
“As a professional finance intermediary we are always conscious of those lenders that say they can deliver but can’t as ‘computer says no’ or credit committee declines the case at the nth hour. Funding 365 is unprecedented in its professionalism, speed and integrity – delivering what the customer requires on time and at highly competitive terms – especially in this situation with the borrower being in receivership. Mike Strange and Eddie Boakye worked extremely hard with us and the customer to deliver a complex solution so quickly.”