Simon Das

978 Bridging completes back-to-back bridging loans for care home conversion

978 Bridging has completed back-to-back bridging loans for a client who required funds to convert a care home into a 45-bed HMO.

Claire, the client, didn’t have planning for the conversion and needed a lender which could carry out a valuation in advance of an auction.

978 Bridging agreed suitable terms and received an offer from a lender in advance of the auction.

The lender attended the auction and when Claire successfully bid for the property at £366,000, it produced a formal offer letter and instructed legals within minutes.

However, Claire was also completing the acquisition of a smaller property for conversion into a five-/six-bed HMO, and a delay involving a high street bank regarding a debenture meant her deposit money for the care home had to be used for the smaller property.

Simon Das, managing director at 978 Bridging (pictured above), liaised with the bank and bridging lender to obtain a verbal agreement that a letter of non-crystallisation would allow the bridging lender to take the first charge and for the debenture to be put in place at a later date.

This facilitated the arrangement of back-to-back bridges and ensured that the deposit money was released and the care home purchase was completed.

Claire said: “It was a tricky deal with big time pressures, but the guys just got on with it. 

“I was impressed by how swiftly suitable terms were put in place and communication was prompt and clear throughout.”

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