Express bridging finance exit - LDN Finance

Express bridging finance exit

Article by Johnny Martin Associate Director

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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Our happy clients

LDN Finance were on the ball, helpful, supportive and nice to deal with. They were brilliant at back channelling with both lender and lawyers. We had tricky development and bridging finance and a short time frame. I would recommend them.

Mr. H

April 2021

LDN Finance are a very professional and helpful company. We have done several deals though Chris and the Specialist team and I would thoroughly recommend them.

Mr. S

August 2021

An extremely professional service, explaining different stages of the bridging refinance process. I was kept informed with regular updates as to progress and requests for additional information. I would recommend with confidence.

Ms. M

August 2021

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