A new broker got in touch as they had a client who required a flexible bridging loan. The client was looking to purchase a 9-bedroom guest house in Basingstoke.
The property consisted of two separate buildings. The main body of the house hosted 6 of the 9 bedrooms. A further 3 properties were situated in an annex located at the back of the property. These two builds had separate titles.
Due to lockdowns across the UK, the guest house had remained closed for a long period of time. This had resulted in the borrower struggling to find a mainstream lender. Upon looking into the initial enquiry, we could see that the client has plenty of experience within the hospitality industry. This provided us with a great deal of confidence, and we were more than happy to take on their case.
Due to an ongoing issue with the vendors of the annex property, we were unable to start the bridging process from the enquiry. However, the dedicated underwriter assigned to the case took the logical approach to utilise the separate titles of the assets and provide two separate bridging loans.
In doing this, we were able to utilise the clients time and start the bridging process for the main household. Upon the resolution of the vendor’s issue, we were able to proceed with the second bridging loan.
The exit strategy was to refinance using long-term finance.
The broker was incredibly happy with the service we provided and have since spoken to them regarding future deals.
Our dedicated underwriters specialise in complex circumstances, which means they often think outside the box to find the right solution for our client. By utilising both titles, we ensured the client could work to their timeframe and complete by their desired deadline.
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