We were approached by a client requiring finance to be raised on a substantial residential property with many acres of land in the south-west of the UK.
The borrower was in a poor financial position. His incumbent lender had called in his loan and had begun marketing his property for sale, whilst exerting significant pressure on him. A short-term bridging loan was required to allow our client to repay his existing lender and provide him with enough breathing space to allow him to tidy up his affairs.
Despite approaching several other brokers, he had not been able to get funding elsewhere and to a certain extent, the deal had started to get a bad name in the industry – this can happen when a lender sees one deal from a variety of sources and it is presented in slightly different ways.
By leveraging off of our reputation with select lenders, our commercial finance team brought in a reputable lender to assist in a very short space of time. We were able to secure a bridging loan at 12% per annum based on the LTV, quality of the asset and the background circumstances of the transaction.
As part of the deal, we also negotiated to write off £150k from the existing lender’s loan, as we were in a position to provide the funds needed to repay them without the need for further, lengthy marketing of the property. This action stopped the forced sale and allowed the client time to regain control of his affairs.
“The professionalism and dedication of Oakmead Finance to secure funding for us, when we had been turned down on numerous times by other brokers, cannot be understated. We are truly thankful to Peter and his team”
Mr Jimenez – owner