Grosvenor Funding completes complex bridging loan in Scotland
Grosvenor Funding has completed a complex £474,000 bridging loan on two residential buy-to-let (BTL) properties in Scotland.
The client needed to refinance an existing bridging loan to avoid facing excessive default charges; due to the pandemic, the client was not able to complete the works on one of the properties and the sale of the other property had fallen through.
Grosvenor Funding secured the two properties within three weeks from the initial loan application to draw-down of funds.
The bridging loan has been used to finance the ongoing refurbishment of a four-bedroom property, as well as refinancing the second property.
The loan has been secured against first charges with a 65% loan-to-value (LTV) over 10 months.
Grosvenor Funding has taken a first charge over the freehold and directors’ guarantees.
The deal was introduced by broker Build Loan, new to Grosvenor Funding and their processing.
Jonathan Caplan (pictured), CEO of Grosvenor Funding, said: “We were delighted work with the broker and their client and were very honest from day one and if we go ahead on the finance.
“They needed the money fast and the borrower wanted a professional and reliable lender that would manage the loan application process smoothly and efficiently.
“We pride ourselves on getting deals over the line quickly, so customers always deal directly with a decision maker.
“Brokers often contact us and need a deal turned around in 48-72 hours, which we can handle.
“Only recently, a broker contacted us one evening at 8pm and we instructed a desktop valuation at 9am the next day, stated legal processing by 12noon.”
Andrew Ramsay, development finance specialist at Build Loan, said: “We were very impressed with Grosvenor Funding’s quick decision making and the depth of experience.
“Our client was in a difficult position, up against pressing deadlines and needed fast funding – a tailored and flexible bridging loan.
“We were given exceptional levels of service by the lender and we look forward to working with them again on future deals.”