The client was a UK property investor holding a portfolio of five, freehold properties in Tottenham and Cockfosters, with a total value of £3.3m.
The case was initially discussed and agreed on the spot between Marios Theophanous, credit manager at London Credit (pictured above), the BDM, and the broker in a zoom meeting.
However, there were delays with the building control sign-offs for one of the properties and other legal requirements.
- An interview with Jon Hall and Rob Barnard of Masthaven Bank
- LendInvest provides refinance and development exit for North West project
- HTB completes £2.6m asset refinance for recycling business
David Merson, partner at Gunnercooke LLP, who advised London Credit on the legal formalities, commented: “We faced a number of hurdles, including ensuring that the loan applicant had met all the statutory obligations for the tenancies, that the security on the properties was released in the timescale, and working quickly to the borrower’s [requirements]."
Despite this, the issues were solved with the help of the legal partners and the bridging loan was processed to meet the deadline in under three weeks.
The 12-months loan agreed at 54.1% LTV, was used to consolidate a bridging loan and two mainstream mortgages.
The facility was also used to complete works on one of the properties.
Commenting on the complex deal, Marios said the lender was delighted to provide short-term refinancing for the prime London properties.
Leave a comment