Central Bridging completes £2m second charge bridge in 10 working days
Central Bridging has completed a £2m second charge bridging loan in just 10 working days for a professional property investor based in North West London.
The borrower owns an investment property in St Johns Wood valued at £6.95m which he was happy to use as security. Introduced by a leading London broker, the client had just a two-week window in which to raise funds to take advantage of a very time constrained opportunity for one of his businesses.
John Clifford, managing director at Central Bridging, said: “Whilst this loan was double the size of our published maximum second charge the strength of both the client, his security and the exit strategy enabled us to move quickly and fund this deal on an exceptional basis.
“Despite a back drop of great political and economic uncertainty our confidence in the high-end London market remains strong.
“Whatever happens in the weeks and months ahead there will always be great opportunities for commercially astute investors and businessmen and we stand ready to assist them with a diverse and robust mix of funding lines.”
A valuation was obtained within eight days of the original approach and during this period Central obtained a full due diligence pack, including application forms and consent from the clients first mortgage lender. Concurrently the client received full independent legal advice from his own London Solicitors.
Central’s £2m loan was secured against the St Johns Wood property at a rate of 1.15% per month over a period of 18 months with an LTV of 55% and will be repaid by the sale of other business assets.