Competitive Bridge Loan To Part-Fund A UK Property Purchase
12th July 2023
Key Facts
Client: Dual Nigerian and UK National / Resident in Lagos, Nigeria
Property: £1M, 4 bed multi-unit freehold block
Property ownership: Hong Kong SPV
Loan: £630,000
LTV: 63%
Product: 10-month bridge 0.89% PM
In this case, we were approached by a client in Nigeria who was looking to release some capital from their unencumbered London property to part-fund another UK property purchase. The client only needed a short-term loan which would eventually be repaid in a lump sum from funds owed to their business.
The client is a resident of Nigeria and works in the oil and gas industry, so their profile was considered high-risk by many lenders. As well as this being the leading cause for concern, the property is also owned in a Hong Kong SPV, which most lenders need to become more familiar with and, therefore, cannot get comfortable with, even with a legal opinion.
The client needed a flexible lender and loan that would allow full repayment with no penalties.
Paige secured the client a competitive bridge loan at 0.89% per month for ten months and also approached a lender that had no requirement for the client to fly to the UK or be in the UK to sign the loan documents.
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