Central Bridging has completed a £1,169,000 bridging loan in seven working days to redeem an existing business loan that was about to expire.
The client was a limited company with the security property owned by the managing director and his wife. A loan application with another bridging lender had been ongoing for some weeks without success when the client’s broker approached Central.
Having obtained a full due diligence pack including application forms, directors’ guarantees, a new property valuation report and separate legal advice for the managing director and his wife the loan moved quickly to completion.
The loan was secured by way of a first charge at 70% LTV over a term of nine months.
It will be repaid from the sale of one of the client’s businesses.
Brian West (pictured), director at Central Bridging, said: “Every senior member of the team at Central has a minimum of 20 years industry experience with many of these spent broking before we became a principle lender in 2010.
“As a result I suspect there are very few lenders that understand brokers and the often complex needs of their clients quite like us.”