KSEYE provides £850,000 commercial loan in under 24 hours

KSEYE has completed a £850,000 commercial bridging loan in less than a day for the purchase of a commercial property in London.

The lender was approached by Mantra Capital Group on behalf of the client, who required the facility to plug an equity gap on their notice period of a £3.6m purchase in Chelsea.

The buyer, who KSEYE has worked with before, had been let down by another lender, leaving them with only one day to source alternative finance.

Several views were taken throughout the legal and underwriting process to facilitate the deal in the required timescale, including stretching on the LTV against the commercial asset.

Thanks to the existing relationship and the borrower’s healthy assets and liabilities, the finance provider was able to complete the commercial loan, agreed on a three-month term. 

The exit plan for the facility plan is the sale of a recently completed development project.

Nikes Khagram, founding partner and director at KSEYE (pictured above), said: “Property buyers being let down by other lenders has become a common occurrence during the pandemic. 

“This was an extreme example, given there was only one day left for them to arrange the finance in order to plug the equity gap on the purchase.

“Having strong relationships with brokers and clients is so important in the bridging sector, and this case study underlines the value of having worked with people before. 

“The broker and buyer knew that KSEYE would act with speed, flexibility and a determination to deliver. 

“It was a great team effort to get the deal done so quickly, and we look forward to working with Mantra Capital Group and its clients again in the future.”

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