March saw 14 deals completed with over £3million funded across a range of bridging, buy-to-let and asset finance deals.
Bridging Loan | £560,000
Our client had previously developed two residential units and required them to be transferred into a limited company for tax and lending purposes.
The development finance was still in place and needed to be redeemed, meaning a new finance solution was required quickly.
We secured £560,000 in funding against the two units across two separate loans to fit the lenders’ criteria. As a result, the existing development finance was redeemed, and our client retained their properties in line with their investment objectives.
Bridging Loan | £500,000
Following a shortfall in previous funding due to rising costs of labour and materials, our client called on us to secure a £500,000 bridging loan for their property development.
The additional funding has allowed the project to proceed with an anticipated completion date in June 2022.
Buy-To-Let Mortgage | £277,000
An existing landlord approached us looking to remortgage their buy-to-let property to raise capital to expand their portfolio.
When the valuation came back lower than expected, sufficient funds were unavailable. In addition, the client had also previously been a victim of identity fraud.
We utilised our whole-of-market approach to source a new funder who was comfortable with the history fraud case against our client. The new funder conducted a valuation via an Automated Valuation Model (AVM), facilitating a quick and smooth application process. The AVM came back higher than the original valuation, allowing our client to draw out funds to expand and improve their portfolio.
Bridging Loan | £145,000
A business owner looking to purchase their first trading premises for their business to move their offices into approached us to secure funding.
The property required renovations to suit the operational needs of the business. The client also wanted to build extra space to lease out areas of the property to generate additional income. A holding company was incorporated to purchase the property, allowing the unit to be kept away from the trading business and structure appropriately for future financial needs.
We secured our client a 75% LTV bridging loan over 12 months, providing sufficient time to carry out the works required. In addition, with no exit fee attached to the loan, our client can exit onto a term product once the work is complete, bridging down the cost of borrowing. We also arranged building insurance for the client to ensure they were fully protected on the new acquisition.
Bridging Loan | £60,000
We sourced the right financial solution for our client wanting to purchase a residential property to carry out their first development. With a complete renovation with additional rooms planned and a complex funding structure, our team got to work on securing the funds.
A crowd funder supported the development, so evidencing the source of funds and coordinating the additional parties involved with the transaction was key.
After determining the most suitable route and structure, we secured an 80% LTV via a short-term bridging loan, with funds drawn within four weeks of application. With no exit fee attached to the loan, our client can sell the property once the development is complete. In addition, we arranged building insurance for our client to ensure they were fully protected.
Asset Finance | £59,824
After receiving a quote for a lease purchase from another financial services organisation to purchase a testing machine, our client approached us to obtain a comparative quote.
The client sought a cost-effective rate without a personal guarantee and required the finance as soon as possible after an alternative funding option fell through.
We called on a specialist funder to secure the funding and liaise with the supplier directly, taking much of the necessary work off our clients’ hands. The funding was put in place before the deadline set by the supplier, providing our clients with a great result.
Asset Finance | £31,500
Our client obtained planning permission to position a large LED screen at the front of their premises to provide advertisement opportunities to local businesses as well as their own. Situated in a prime location, the advertising screen would give the companies great exposure while providing a strong income return for our client.
Our client required specialist funding to assist with purchasing and installing the asset. We sourced funding at 90% of the purchase price, with the funder providing a streamlined process for our client.