Status
Live – completed March 2021
Borrower Requirement
Client was in default with existing lender and needed to raise funds to settle existing finance and keep the property out of the hands of receivers.
BIG Solution
We offered maximum LTV on the property at risk and agreed to take an additional two securities to increase the overall borrowing. To meet the tight timescales of the borrower’s situation, BIG agreed to accept a valuation report prepared previously for another lender without it being re-addressed as the figures presented were in line with our own due diligence. Funds were in the client’s account with two weeks.
Underwriting Consideration
Borrower is an experienced property investor with an established BTL portfolio.
Anticipated Exit
Refinance with another lender.
BRIDGING LOANS
Bridging loans provide the borrower with short term finance secured against property assets.
DEVELOPMENT FINANCE
Available to developers and investors with a track record in residential development and / or refurbishment
JOINT VENTURES
We will consider putting up to 95% of costs for residential development of refurbishment and joint ventures.
