Central Bridging completes £2.1m second charge loan
Central Bridging has just completed a £2.1m second charge bridging loan in just eight working days.
The client required assistance with the purchase of an investment property in North West London on which he had already exchanged contracts and committed a deposit.
A previous funding application on the property with another lender had just failed leaving a very short timescale of just ten working days before the scheduled completion.
The client had already submitted planning permission to substantially extend and renovate the property at the time contracts were exchanged.
The second charge loan was secured against the client’s main London residence.
His home was valued at £7.25m and the loan completed at 55% LTV on a rate of 0.95% per month over a term 12 months.
A valuation was obtained within six days of the original approach and during this period Central obtained a full due diligence pack, including application forms, together with consent from the clients first mortgage lender.
Con-currently the client received full independent legal advice from his own solicitors.
Central were able to complete the loan in just 8 working days ensuring funds were in place comfortably in advance of his scheduled completion.
They will be repaid by refinance to a development funder.
John Clifford, managing director at Central Bridging, said: “Whilst we’ve now been lending successfully for over ten years our industry roots were as a second charge broker packager.
“Consequently, I would challenge anyone to turn around large second charge loans, such as this case, quicker than us.
“With the client’s full co-operation, we were able to meet his exacting deadline with a little time to spare!”