LMC bridges a bridge
The client required a short-term loan facility to pay off an existing first charge loan on a large detached property which he converted into a residential investment worth £5.5m.
Jamie Jolly, commercial relationship development manager at Lancashire Mortgage Corporation, said: “Because of the complexities of the case, high street lenders and other bridging loan providers were unable to provide funding in the time permitted.
“There was significant pressure to redeem the first bridge, in this case time was of the essence.”
Kit Thompson, head of bridging at Brightstar, said: “Bridging a bridging loan is uncommon but we knew LMC would be able to provide the flexibility our client needed.
“Its finance enabled the client to repay his existing bridging lender and raise an additional £200,000 for his latest UK business venture.
“Thanks to the innovate approach to bridging from LMC our client’s refinance application is already underway and he expects to be able to refinance the whole debt onto a mortgage within the next few months.
“This case is a great example of how bridging finance can work alongside term lending, to provide a short-term funding solution until longer-term finance can be put in place.”