F4B and Grosvenor Funding complete Covid-19 threatened bridging loan

F4B and Grosvenor Funding have combined to secure a four-day completion on a bridging loan facility.

The loan allowed the borrower to finalise a first charge BTL investment property purchase which was threatened by Covid-19.

The previous lender was forced to withdraw the original loan facility due to funding and transactional restrictions.

Contracts had already been exchanged, with a property value of £875,000 and loan amount of £450,000, before F4B was contracted to see an alternative solution.

Myles Williams, CEO at First 4 Bridging, stated lenders have had to review product ranges, criteria and operational functionality because of coronavirus.

“However, clients still require access to all types of lending solutions, and it’s great to see proactive and flexible lenders such as Grosvenor Funding stepping up to the plate and saving these types of deals…” he added.

Jonathan Caplan, CEO at Grosvenor Funding, said: “More than ever, this shows how important an experienced and knowledgeable specialist distributor is to brokers.”

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