Pink Pig Loans complete £2.6m re-bridge with West One Loans
Pink Pig Loans, has completed a complex re-bridging with West One Loans to the value of £2.6m.
The customer needed to take out a loan to clear an existing £2.3m bridging loan on their residential property in East London.
The original bridging loan was secured on the basis that it would be repaid following the sale of the customer’s residential property. It was clear to the customer that a sale would not complete within the agreed time frame.
With the client requiring a larger loan to cover the interest incurred on the first bridge they no longer met their current lender’s criteria.
The customer’s broker then came to Calum Sayer of Pink Pig Loans to find a way to raise the additional finance.
Using its close relationship with West One Loans, Pink Pig Loans were able to agree on terms that would pay off the existing bridge and provide the customer with an extra nine months to complete the sale of their property.
The loan took under four weeks to complete with plenty of time for the first loan to clear.
James Rainbird, pictured, Managing Director, Pink Pig Loans said:
“Having worked very closely with West One Loans over the years I knew they would be the best lender to approach.”
“This is a great example of how bridging finance and working in close partnership with a lender can get the best outcome for the customer.”