Funding 365 completes £8.5m bridge in three days
Funding 365 has completed an £8.5m bridging loan within three working days to save a borrower’s buy-to-let portfolio from being sold at auction.
The borrower needed to re-finance very quickly as their high street lender had appointed an LPA receiver following a dispute and a number of its properties were due to be sold within days.
The loan, which was brokered by LINK Capital UK, was supported by security over a portfolio of 16 commercial and residential properties.
Funding 365 managing director Mike Strange said: “We are very pleased that we were able to help the borrower retain ownership of their property portfolio and allow them the time to re-finance with a term mortgage.
“This is just another example of the quick, tailored service that our broker partners have come to appreciate from us. Credit must equally go to the team at LINK Capital UK and to our solicitors who worked above and beyond to complete this case within such tight time constraints.”
LINK Capital UK managing director Theo Kemp added: “As a professional finance intermediary we are always conscious of those lenders that say they can deliver but can’t as ‘computer says no’ or credit committee declines the case at the nth hour.
“Funding 365 is unprecedented in its professionalism, speed and integrity – delivering what the customer requires on time and at highly competitive terms – especially in this situation with the borrower being in receivership. Mike Strange and Eddie Boakye worked extremely hard with us and the customer to deliver a complex solution so quickly.
Funding 365 previously completed a £6.2m semi-commercial bridging loan within just 1 working day of agreeing terms with the borrower.