Central Bridging has completed a £1.169m bridging loan in seven working days to redeem an existing business loan that was about to expire.
The client was transacting through 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.
The loan was secured by way of a first charge at 70% LTV over a term of nine months.
Brian West, 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.”
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. It will be repaid from the sale of one of the client’s businesses.