Hope Capital Save Borrower Huge Default Costs, with Tailored Re-bridge!
The client needed a re-bridge of a current bridge but was being pushed to redeem by the existing lender with no extension and the threat of receivers. Furthermore, the client’s solicitor did not have full property information and needed to investigate if the property had listed building consent and full residential consent, as this was what the valuation had been based on.
Even though the client – an award-winning architect – had owned the property for two years and had already fully refurbished it, there was some adverse press about the legals of another project he was working on.
We had a video call with the client and investigated the legal status of matters. We were happy that it had no impact on our security and were happy to go ahead and refinance his project. He needed 75% to clear existing debt and needed maximum net, so we agreed to retain four months and client to service two months to maximise the net for him.
The client re-bridged with Hope Capital, saving them several £1000’s in default interest and other costs, on to a facility that was tailored to his specific needs. This allowed the client to put the property on the market and realise the return on his investment and still maximise his profit under the circumstances.
“I just wanted to write to you to express our sincere thanks for all your help with our clients re-finance bridge. When we raised the enquiry the key was always speed due to an urgent deadline that our client required, so knowing that you assisted in all areas to drawdown in a professional manner and as a broker you kept us informed all the way! We look forward to working with you on new cases soon.”
What the broker said
“It has been a breath of fresh air to deal with Hope Capital. You are very good at communicating, especially in comparison to the last bank who would continually make mistakes, causing mayhem and confusion. I look forward to working with you throughout this loan.”
What the client said
Tracey is responsible for liaising between the business development team and their broker networks to ensure a speedy and efficient delivery of service. She is also a key member of the underwriting team, ensuring that all required information is received in order to provide a quick decision for the client.