The co-owner of a holiday cottage, Christopher Allen, approached his current adviser looking to pursue sole ownership of a property that had been in the family since 1954.
With the family agreement reached early last year and the payment deferred for 12 months, Christopher had until February 2022 to secure funding and seal the deal. While asset sales were expected to fund the transaction initially, Christopher encountered delays, so short-term bridging finance was required.
As a result of the properties’ complex ownership structure and limited lender appetite, Christopher was introduced to Ian Pottle, our Head of Complex Funding, by Phil Taylor at Ducketts Trusted Advisors.
Through his extensive network within the commercial sector, Ian obtained the required funding and liaised with the valuer and solicitors. However, in early January, the funder advised they could not proceed, leaving little time to source an alternative.
Thanks to Cornerstone’s exclusive bridging fund, Cornerstone Capital, Ian secured the £500,000 bridging loan within 3 days. The valuation was re-addressed and the solicitors were instructed to act for both Christopher and the funder.
Through the fantastic support of Justin Mason at Harrison Clark Rickerbys, the deal completed within 18 days – 10 days ahead of the deadline.
Commenting on the deal, Ian Pottle, Head of Complex Funding at Cornerstone Commercial Finance, said:
“Although the hurdles we encountered brought timescale challenges, our access to Cornerstone Capital coupled with the efficiency of our clients’ advisers and solicitors allowed us to complete ahead of schedule.
“Christopher supplied all of the information required promptly and swiftly arranged appointments, ensuring everything was in place on time. This deal was a great outcome for our client and I’m looking forward to working with all parties again in the near future.”
Haydn Thomas, Chief Executive Officer for Cornerstone Capital, added:
“We are delighted to have supported this quality client with Cornerstone Capital’s largest loan to date.
“With Ian’s expertise and Justin’s support, we were able to make the right credit decision and negotiate a complex situation at pace. This case is a prime example of what Cornerstone Capital is all about – speed, flexibility and quality service at a competitive price.”
Christopher Allen, Owner of the cottage in North Cornwall, commented:
“After a stressful few months, it has been extremely reassuring to have Ian Pottle and the team behind us when finding bridging finance to buy our cottage within the tight timescale.
“I would recommend Ian and Cornerstone Commercial Finance to anybody who is looking to get a loan or finance in place, knowing that Ian is pulling out every stop in the most helpful way possible to achieve what the client wishes.
“A huge thank you from me and all of my family for making a dream come true.”