Positive Lending completes £1.5m complex residential bridging loan
Bournemouth based specialist packager Positive Lending has completed a complex bridging loan to assist a client who is trying to remove a council restriction on planning for a residential property.
The client was introduced to Positive Lending from Glenn Fuller at Next Step Financial Solutions who recognised that mainstream lenders would not fund a case when the property needed to be split from one title to four as two of the proposed new titles had a tied restriction relating to how the properties could be sold.
The case was funded by Dragonfly Property Finance and the client was provided with a 2 year solution to self-fund the property whilst applying to the council to remove the restriction and sell the units individually.
Paul McGonigle, Managing Director, comments:
“This was not a straight forward case. Due to the complex nature of the restriction and the legal implications this could have to any lender we worked hard with our client, the legal team at Pure Law, Dragonfly’s underwriting team and Glenn at Next Step Mortgages to ensure we found a solution to assist the client with a strategy to split the titles and sell the property individually in the future or refinance through main stream buy to let lender. We are fortunate that we have an established network of key intermediaries who recognize our expertise in this field and are knowledgeable about the opportunities that exist for complex cases such as this”.
Glenn Fuller, (Owner) at Next Step Financial Solutions comments:
“This was a very complex case and demonstrates the importance having specialist brokers on hand to assist with this type of case. Paul and his team put in a fantastic effort to make sure the deal happened and the client is delighted’’