Express bridging finance exit
What was the situation?
A distressed client approached us whose bridging finance deal was due to expire in two weeks.
What was the issue?
The exit strategy their former broker suggested wasn’t possible, and was never going to be possible, due to the client’s property type, which was part commercial and part HMO. If they were not able to redeem the bridge by the deadline, they were facing a £50k penalty.
What was the process?
We visited the client to check their property out, as it was an unusual configuration. Having first-hand knowledge of the property assisted us in clearly explaining the case to potential bridging lenders we were looking at for the exit strategy. We researched the available options and managed to secure a lender and complete the new bridge the day before the penalty was due to be applied. We found a suitable exit strategy onto a ‘standard’ mortgage, which completed roughly two months after the initial refinance of the bridge.
What was the solution?
We managed to quickly obtain a new bridging lender who was able to complete very quickly and avoid the 50k penalty for the client. We placed the refinance of the existing facility onto a standard mortgage, which resulted in the client being overjoyed and relieved by the outcome, and gratefully sent a thank you gift for our hard work.
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Testimonials
Our happy clients
As a returning customer, I would like to express my sincere thanks to the team for their outstanding support during the completion of my property purchase. In particular, Catherine and Darren have been incredibly helpful throughout the process. Their communication, professionalism, and customer service have been absolutely excellent, making the entire experience smooth and reassuring. Many thanks again for all your hard work.
My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
Owen was absolutely amazing and supported me every step of the way throughout the mortgage process. He was always clear, patient, and incredibly reassuring, making what could have been a stressful experience feel smooth and manageable. Bharathy was also really helpful, promptly getting in touch and making sure all the relevant information was handled efficiently. I couldn’t be happier with the service and would highly recommend them both. Five stars without hesitation.
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