Clever Lending and Lowry Capital save £1.2m for Scottish client
Clever Lending helped save a corporate borrower in a debt reduction deal from their high street bank worth £1.2m.
Working with bridging finance lender Lowry Capital, Clever Lending was able to place the request for fast funding and both agreed that the funds could only be delivered on time with a bridging loan.
This was a complex case, with 21 separate commercial properties located all over Scotland to be used as security in a short deadline – 19 working days.
Valuations were instructed on last month that three separate surveyor firms needed to be used to meet the wide geographical spread of the portfolio in short amount of time.
Jack Robinson, sales manager for Scotland at Clever Lending, said: “As a master broker with first class understanding of bridging finance criteria, we were able to place the case with Lowry in order to achieve the client’s objectives and have the right outcome for the finance requirements.”
Richard Basso at Lowry Capital added: “This was a really challenging case, but having met the client and spoke to all parties, we believed that whilst tight, the deadline was achievable.
“I believe this case is a fantastic example of the financial benefits that can be achieved by a great bridging service.”
Full funds however were made available by 28 October, four days before the deadline.