Lender secures £135k second charge loan to annul client’s bankruptcy

One of our lenders recently secured a £135k second charge bridging loan against a residential property for a client in order to annul his bankruptcy that had arisen from business debt. Most traditional lenders would shy away from lending under these circumstances, however, thanks to the exclusive ‘valuation only’ product offered by our lender, this deal was turned around without delay.

Although our lenders can assist with straightforward cases, one of their products which is a simple ‘valuation only’ product is directed at borrowers such as these who do not fit into standard criteria. It may be that a client has no proof of exit, title defects, no proof of income or severe adverse credit. This non standard criteria is no problem for some of our lenders, who can simply offer their valuation only product, and base the deal solely on the value of the property and not on the individual circumstances of the borrower.

Lender secures second charge loan for client’s mortgage arrears and business cash injection

A £56k second charge loan was secured by one of our lenders against a residential property, and although a large proportion of this bridging loan was required to repay mortgage arrears, because it was also used as a cash injection into the client’s catering business, the Predominantly Business Purpose criteria was still met. We have lenders that love a quirky deal, and this one was yet another example of how they can take non-standard criteria and make it work.

In this case, the borrower had been given the property for nil transfer, so additional due diligence was required to ensure there were no adverse issues relating to the transfer. If you have a deal that doesn’t fit into standard criteria, our lenders can help you, using a ‘Valuation Only’ product. And what's more, the lender in this case have all their loans funded in-house before they are offered out to their investors, meaning that with this lender, there was no funding line delay.If you have been declined or refused or had your deal fall out of bed for any reason? It´s worth contacting us to see if we can help.

Recent bridge application of £800k completed in just 6 days

Property tycoon sought £800k bridging loan to invest in his multi million Pound business, using his London residential property worth £1.4m as security. The lender was able to turn this deal round with their trademark efficiency, releasing the funds within the first trading week of the year, just 10 days after the loan was requested. The client was able to invest this capital in his trading ventures and was also particularly impressed to see that this lender was able to secure the funds without taking a personal guarantee from his wife, even though she lived in the property. The lender said ‘Another great opening to a new month! We pride ourselves on excellent customer service and in offering efficient solutions for a wide variety of client needs. We didn´t see it necessary to take a personal guarantee from our client’s wife in this case, and as we are the direct lender, we aren’t bound to the same restrictions as more traditional lenders.´

The Lender provides funds to dismiss client bankruptcy

Again their exclusive ‘valuation product’ was used to dismiss a bankruptcy hearing for their client. Unlike traditional bridging lenders, our landers will lend on many hard to place bridging requirements. This common sense approach to lending is based simply on the valuation report and LTV of a property. They can help high-risk borrowers to secure bridging loans. Because they do not rely on restrictions held by more traditional lenders, and can offer solutions for those with no proof of funds, unclean titles, equitable charges, refused consent, credit impaired, require flexible exits and severe adverse credit, in this case dismissing a bankruptcy. The lender worked closely with their client and his solicitor throughout the process and the case was handled quickly and efficiently. As a result, the solicitor was able to attend the hearing with funds in their client account held to order, which gave the judge confirmation and the hearing was dismissed. Both the borrower and the broker were extremely happy with the lender as they saved the client from going bankrupt, and this has now allowed the borrower a year of breathing space in order to re-arrange their financial affairs.

Scottish business secures £111,000 bridging loan against English property

A Scottish company was looking to refinance a piece of development land in England, but due to cross-jurisdictional limitations, traditional bridging lenders were unable to help. Enter one of our lenders. Their team of solicitors based in Scotland were able to take the instructions whilst their home players worked the English legal components in house. On top of this, the site was home to Japanese Knotweed, something that would be a red card for most lenders. The lenders were not deterred and instead sought a solution. This client secured his win, and was lent £111,000 at a 56% LTV, thanks to the lender. The lender said ´We recognise that some lending requirements are cross-jurisdictional and were keen to offer a solution for this very early on. We have an excellent team of solicitors in both England and Scotland that work together to cross these boundaries so that we can provide a smooth process for our clients.’

Down valuation fails to halt business investment

A business director looking for business investment funds sought to secure a bridging loan against his residential property. However, a major down valuation on this property spread reluctance throughout traditional bridging lender companies, and the customers’ request fell flat. Enter one of our lenders. Once again, this team of experts worked around the problem and utilised their excellent relationship with the first charge holder to secure consent. Despite the undervaluation and high service charge that the client faced with this property, the lender was able to offer a solution. Their approach even withstood the applicant’s failure of the first line defence fraud check. By using their in house Bank Vision service to check the client’s affordability, they were able to determine that the applicant could manage the repayments and that the loan could be granted responsibly. ‘Our lenders bridging loans are designed to benefit a wide range of consumer requirements. Our experience in the field, and the relationships that we share, help us to provide an individual service without compromising competitive rates'.

No proof of exit? No problem

A recent property developer bought a plot of land and was awaiting planning permission, but soon discovered that traditional bridging and development lenders could not support his project, as the client could not provide evidence of the exit route. Enter one of our lenders Using their exclusive ‘valuation only’ product, the lender was satisfied that the borrower would endeavour to gain planning permission or had other repayment methods open to him. As a result, this client was able to continue with his plans without losing the site. QUOTE; 'We were pleased to be able to support business growth for our client by bridging their property development. It is important to us to look at each individual case rather than being constrained by criteria used by the more traditional bridging lenders. We are able to do this thanks to the excellent business relationships we have fostered with 1st charge lenders, as well as the development of our market leading ‘valuation only’ product.

Our lenders keeps business productivity moving with bridging loan for machinery purchase

Time was ticking for a business owner looking for a bridging loan of £780,000 to purchase machinery. If the purchase was not made within the strict deadline, the deposits would be lost and business would cease. Not only that, but the second charge had to be placed on the director’s main residence, something that traditional bridging lenders would struggle to deal with in such a short timeframe. Enter our lenders The expertise of the team meant that this deadline was achieved. When the mortgage questionnaire was returned from the first charge holder, the balance was much higher than expected, but the lender managed to complete the deal without raising the rate or fees to match the discrepancy in balance. Despite the rise in LTV the lender worked alongside the first charge holders to keep the rates as low as possible. The business owner was able to purchase the machinery within the timeframes required, and his business can now continue to thrive. 'We thrive on the challenges our clients set for us and always seek to secure the best deal for our customers as quickly as possible. Our excellent relationships with first charge holders support our values and together we can overcome most hurdles.'

Security on inherited Scottish property accepted

You inherit a property – great! But need to carry out some work on your in order to sell it – not so great. You look into bridging loans, only to find out that most lenders don’t lend against properties in Scotland – nightmare. Enter our lenders This lender is happy to lend against property throughout the UK, so security in Scotland was not a problem. Not only this, but most lenders offering a Buy to Let mortgage do so on the proviso that an assured shorthold tenancy is in place. This lender has the permissions to carry out Consumer Buy To Let (CBTL) mortgages, which meant that this client could proceed without a tenant in the property. The lender also dealt directly with the client, at the broker’s request, which allowed this bridging loan to be completed in just 3 weeks. This happy client can now begin the works on his inherited property and achieve the higher sale price he requires. 'Our permissions to carry out consumer buy to let mortgages allow us to help a wider range of clients, and to give them a viable solution at an often challenging time.'

Another bridge completed in 5 days!

A recent client needed a high speed bridging loan to improve and therefore push up the sale of his property. Traditional bridging lenders were dragging their feet because of their restrictive procedures and, as a result, were just not able to keep pace. Enter our lender The innovative approach to lending pioneered by our ;enders once again meant that they were able to power ahead with the legalities, including a parcel of residential curtilage, and complete the loan within just 5 days. 'We are always happy to be able to turn these loans around so quickly. In such a high paced environment, its important to keep up whilst continuing to work at the highest standard of quality.'

N.B Disclaimer Borrowers: We must advise any property used as security is at risk of repossession if you do not keep up with your payments. If you are unsure about any aspect of the information provided by the company, you should seek advice from an independent financial adviser. Any loan or funding provided through our lenders are not regulated by the Financial Conduct Authority FCA.