We were contacted on a Thursday afternoon by a broker with an urgent requirement for commercial bridging finance.
The borrower was a company, specialising in buying and selling of properties. The security was an impressive Victorian House with a large plot of land towards to rear. The borrower's intention after completion was to split the land, obtain planning and then immediately sell the house, in order to create a substantial profit.
The deal appeared to be straightforward at the time, however, the security was located in Scotland and the borrower required 80% Loan to Value.
From our extensive knowledge of the industry, we placed the deal and obtained terms within 2 hours.
We supplied the lender with the required documents and the valuation was instructed the same day. To the borrower's advantage, the valuer was able to inspect the property on the following Saturday morning, with the report being issued the following Monday.
Legals were then instructed and after vast efforts from both sides of solicitors, the deal completed the following Friday.
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