Bridging and development finance provider, Lendhub has completed on a £1.1m bridging loan to assist with the portfolio refinance of a clients assets.
The client required the bridge after a delay in the sale of his property resulted in a short-fall of funds required to complete their refinance and they were faced with high charges.
Raising funds in the required timescales was made more complex for the borrower because the property had less than 20 years remaining on its lease, a scenario that falls outside of many lenders’ criteria.
The loan was secured against prime London property at a LTV of 65%. After visiting the property, Lendhub were comfortable and confident in the sale completing and exit of the loan.
Max Herman, pictured, Lending Manager, commented:
“We are really pleased to be able to assist this client; we looked beyond the short lease and after a site visit from by our directors, we got to know the borrower and their situation, after which we were more than happy to help. Our approach at Lendhub is not to tick boxes but to look for reasons to lend and give our clients the best support for their situation.”