Bridging and development lender Oblix Capital has completed a ‘complicated’ £1.4m residential bridging loan secured against a freehold house in a pedestrianised mews in London’s Fitzrovia area.
The bridge was for 12 months and provided the applicant with an extension of his existing bridging loan, giving him time to finish the project and sell it at an open market value of £2.2m.
The loan took two months to complete.
Darius Shekarrizi, business development manager – south, Oblix Capital, said: “In the current market many lenders adopt a straightforward approach to bridging loans and are often extremely reluctant to refinance existing bridge deals, turning down cases even before assessing its individual credentials.
“We pride ourselves on using our incomparable expertise to underwrite intricate cases and help our clients overcome their major challenges.”