Bridging Loan Secured Against a Commercial Property
Complex £1m Bridging Loan
An extremely anxious client came to us in a state of frustration having previously approached a number of commercial mortgage brokers for help and where all had said they were unable to find him a short term lender due to the liquidation of a company within the last 12 months.
Added to these challenges the client wanted to use commercial property as security which had two existing charges already both of which had some historic arrears.
The client needed a bridging loan of £1,000,000 secured by way of a 1st charge on the commercial property and a 2nd charge on his main residence where he wasn’t the joint owner and where his wife was a non-UK national by birth. Furthermore, the registration of the property had variations on the spelling of his wife’s name against her passport ID.
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