Broker: Josh Mendez
Overview: Our client came to Josh Mendez needing a bridging loan to cover some urgent business needs. They needed quick funding to sort out pressing issues with one of their commercial properties. Since there were some time-sensitive planning problems to fix, they were looking for a flexible, hassle-free funding solution to keep things moving smoothly and avoid any disruptions to their business.
Clients Situation: The client had a commercial property that needed urgent work to sort out some planning issues. These problems were holding the property back from being used to its full potential, so they had to be fixed quickly to protect its value and keep the business running smoothly. The work was going to cost around £300,000, and getting the funding in place fast was crucial to avoid any negative impact on the client’s operations.
Highlights:
- Competitive rate of 0.99%
- 12-month term
- No exit fee, providing flexibility for early repayment
Objections Overcome: The planning issues associated with the commercial property made it unsuitable as security for the loan. Traditional lenders were reluctant to fund against a property with unresolved planning complications, which limited the client’s immediate financing options.
Although the commercial property couldn’t be used as security, the client had considerable equity in their residential property. By leveraging this equity, we were able to structure a second charge loan that met the client’s funding needs