Grosvenor Funding provides bridging loan on two Scottish BTL properties

Grosvenor Funding has completed a £474,000 bridging loan on two residential BTL properties in Scotland.

Brokerage Build Loan introduced the case to the lender on behalf of a seasoned property investor who needed to refinance an existing bridging loan or be at risk of excessive default charges.

Due to the pandemic, the borrower was not able to complete the works on one of the properties and the sale of the other had fallen through.

Grosvenor was able to provide the necessary funds to finance the ongoing refurbishment of the four-bedroomed property, as well as refinance the second one.

The £474,000, 10-month loan was provided at 65% LTV.

Grosvenor has taken a first charge over the freehold and directors’ guarantees. 

Jonathan Caplan, CEO at Grosvenor  (pictured above), said: “We pride ourselves on getting deals over the line quickly, so customers always deal directly with a decision maker.  

“Brokers often contact us and need a deal turned around in 48-72 hours, which we can handle.”

Andrew Ramsay, development finance specialist at Build Loan, said: “We were very impressed with Grosvenor’s quick decision making and the depth of experience.  

“We were given exceptional levels of service by the lender and we look forward to working with them again on future deals.”

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