978 Bridging

978 Bridging arranges £1m commercial mortgage for bankrupt client

978 Bridging has arranged a £1m commercial mortgage for the acquisition of commercial property, including office space and car forecourt, for a client that was made bankrupt.

The borrower was made bankrupt after his property investment career was affected a couple of years ago due to exceptional circumstances.

His bankruptcy was eventually annulled, but lasting damage was left on his credit profile.

The broker was approached by the client to help with the acquisition of commercial property with the hope of a term loan.

978 Bridging initially sought an independent, niche lender which could take a view on the whole situation with various credit repair issues needing resolution.

After spending months working with the client, it believed that a 20-25 year term loan could be possible from a more mainstream lender.

It finally got an approval in principal from a more recognisable institution, however as it progressed, the Covid-19 pandemic began and the landscape changed considerably.

Despite this, and after a lot of negotiation and hard work from all parties, the bank still completed the loan.

The brokerage secured a facility of £1m at 65% LTV, at a rate of 5% above base.

“Surveyors made exceptional efforts to carry out their instructions safely during the midst of the pandemic,” said Nikki Baines, operations manager at 978 Bridging.

“Solicitors worked via video call to get the Know Your Client (KYC) process completed, observing social distancing all the while, and the bank held the door open to get the deal complete, despite the fact that they had reduced appetite for lending. 

“This was a massive team effort and with support from our engaged partners we got there, finally completing the deal in early June.”

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