The case was introduced to Brydg by brokerage Opes Financial Partners.
The refinance will enable the borrower — a non-UK national and non-resident — more time to sell his property during these unparalleled times.
The deal, which was at circa 28% LTV, originated during lockdown but, as the bridging lender had already lent on the building — albeit not this specific unit — it understood the area well.
As a result, Brydg was able to utilise a retype valuation of a one-year-old valuation report, in addition to search indemnity to speed up the process.
On top of this, the lawyers from both sides (Pemberton Greenish Cripps for the lender and Jaswal Johnston for the borrower) were able to complete the transaction in three weeks.
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Masood Rashid, director at Opes Financial Partners (pictured above), said that, due to the lockdown from Covid-19, it had seen a “virtual shut down” of the property market.
“The impact of that on prices is unclear, but surveyors are speculating price drops of up to 20% in certain regions.
“In turn, the lenders have reacted by either taking a very cautious approach with LTV, or withdrawing certain products.
“Lenders are taking a more flexible approach where they can, like Brydg did on this transaction with the valuation and search indemnity.”
David Hodara, associate at Brydg, added: “It’s a great achievement to be able to perform during these difficult times with valuation and search indemnity.
“This deal [was made] possible thanks to Masood and his good work and understanding, [as well as] law firms Cripps Pemberton Greenish and Jaswal Johnston.”