KSEYE has completed a £850,000 loan in less than 24 hours to enable a client to complete the purchase of a commercial property in London.
The bridging lender was approached by broker firm Mantra Capital Group with a client requiring an urgent loan to plug an equity gap on their notice period of a £3.6 million purchase in Chelsea. The buyer, who KSEYE has worked with before, had been let down by another lender, leaving them with only one day to source alternative finance.
Several views were taken throughout the legal and underwriting process to facilitate the deal in the required timescale. This included stretching on loan-to-value against the commercial asset, given the client’s healthy assets and liabilities.
The existing relationship that KSEYE has with both Mantra Capital Group and the end client were key in ensuring it could deliver the necessary bridging finance in such a short period.
Nikes Khagram (pictured), founding partner and director at KSEYE, said: “Property buyers being let down by other lenders has become a common occurrence during the pandemic. This was an extreme example, given there was only one day left for them to arrange the finance in order to plug the equity gap on the purchase.
“Having strong relationships with brokers and clients is so important in the bridging sector, and this case study underlines the value of having worked with people before. The broker and buyer knew that KSEYE would act with speed, flexibility and a determination to deliver. It was a great team effort to get the deal done so quickly, and we look forward to working with Mantra Capital Group and their clients again in the future.”