The more complicated your financial situation is, the more likely it is you will undertake complex financial transactions. As such, you might face delays and encounter problems along the way. These complications can mean that you have a gap in your finances. Fortunately, bridging loans can be the ideal solution.
In this case, the client was a US citizen residing in the UK with a net worth in excess of $150 million.
He owned a 1,000-acre commercial estate in Hampshire with a variety of uses including farming, fishing and shooting to name a few.
His current mortgage was coming to expiry and his current lender would not extend.
The valuation was £26 million and the client required a £5 million 24-month loan until the property could be properly marketed and sold.
We set up a meeting with a specialist bridge lender and agreed on a loan structure. The lender was happy with their security and agreed to provide the finance at 8.4% p.a.
As the refinance was being undertaken, the borrower's buildings insurer also withdrew cover leaving him very exposed. Enness also managed to get him replacement cover very quickly in a package negotiated directly with a Lloyds of London Underwriter.