Simon Das

978 Bridging secures 100% funding for Isle of Dogs penthouse




Finance broker 978 Bridging has secured full funding for the acquisition of a penthouse worth £550,000 on the Isle of Dogs in London.

The previous owner of the property — which is located next to the skyline of Canary Wharf — had fallen into arrears on his mortgage and was facing repossession.

978 Bridging — which was initially contacted on a Sunday afternoon — managed to put suitable terms in place by 8am the next morning, before proceeding to valuation and legals the next day.

Despite the open market value of the property being £550,000, the client secured a purchase price of £330,000 due to the previous owner’s financial position.

978 Bridging provided 100% of the purchase price with a six-month bridging loan, while valuation and legal fees paid by the client totalled £3,000.

“This was a tricky deal due to the nature of the sale and various issues with the leases, but was a real pleasure to get it across the line,” said Simon Das, managing director at 978 Bridging (pictured above).

“Now we look forward to helping with the refinance and getting a competitive BTL product.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the B&C mailing list, I will receive relevant news and promotional material via B&C on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment