£100k profit in 3 months thanks to a fast bridge

Facility

£210,000

Loan Term

3 months

LTV

60%

Issue

Urgent is a word we hear a lot, and on this particular deal we heard it more than most. The client wanted to purchase a property from receivers and stood to make around £100k for an onward sale. But they needed an urgent three-month bridging loan to do it. To make things even more complicated, the property had some damage – the kind of thing that can easily put a lot of lenders off.

Solution

With the sale secured, we stepped in to offer them the bridging loan they needed for a three-month period.

 

With a valuation already completed – and allowing for this – we were able to speed up the process by agreeing to accept a re-addressed report. As soon as we received the application form, we got to work. Legal fees were paid, and all due diligence checks completed within two days.

Result

The client completed the transaction on time and went on to sell the property and gain the £100k profit on the transaction, just 3 months later. Client, broker, valuer, solicitors and lender, working in partnership to deliver!

“I didn’t think I’d be able to find anyone who could secure us the bridge we needed quickly enough, but in the end Hope did everything and more with time to spare. Thank you for saving the day!”

Agha Sameer Anwar, Manpower Projects Limited

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Wayne Lee

Wayne is responsible for developing new business across the North of England. He has worked in financial services for approximately 20 years, is a specialist in mortgage and bridging finance and has handled bridging finance deals from start to finish through private funders throughout his career.

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