Lee Hemming

ABC Finance and Grosvenor Funding collaborate on £170,000 bridging loan

ABC Finance and Grosvenor Funding have completed a £170,000 bridging loan within four days.

The client required the facility against two new-build apartments in Liverpool, for which she had exchanged contracts on before the pandemic.

She had been given notice to complete in Q4 2020 and began the mortgage process through another broker but had not received an offer.

In addition, the client’s solicitor had not done the necessary work on the purchase, and a valuation was also needed to make the deal work.

With the completion deadline  days away, she stood to lose her deposits.

Despite the challenges, Grosvenor Funding and ABC Finance were able to arrange a full valuation and appoint legals and complete the deal within four working days.

The £170,000 bridging loan was finalised at 65% LTV and 0.9% interest rate on a nine-month term.

Lee Hemming, sales director at ABC Finance (pictured above), said that, although the client was in a state of panic when he first spoke to her, he felt confident he could meet the deadline.

“When I took the enquiry, my first thought was to call Jordan [Caplan, owner of Grosvenor Funding]; he was confident he could make this work and we [started] straight away. 

“Everybody involved pulled together to get the task done.”

Jonathan added: “In the current market, it is essential to pick a lender which can deliver on its promises and a broker which knows what is required to get the deal over the line. 

“Lee and the team at ABC did a great job supplying everything on day one to enable us to complete this in four days and save the borrower £20,000.”

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