Cornerstone Capital completes its largest bridging loan to date

Cornerstone Capital — part of Cornerstone Finance Group — has completed a £500,000 bridging loan for a co-owner of a holiday cottage in north Cornwall, its largest bridging deal to date.

The client, Christopher Allen, required the facility to pursue sole ownership of the property, which had been in the family since 1954.

With family agreement reached early last year and the payment deferred for 12 months, Christopher was working to a February 2022 deadline to secure funding and seal the deal.

However, as he encountered delays with the sale of some assets — which was supposed to fund the transaction — the client had to obtain alternative short-term finance to complete the deal.

Phil Taylor, senior adviser at Ducketts Trusted Advisors, introduced the case to Ian Pottle, head of complex funding at Cornerstone Commercial Finance, the group’s brokerage.

Ian initially obtained the required funding from a different lender, which pulled out of the deal weeks before the client’s deadline.

In the end, Ian secured the loan from Cornerstone Capital, which provided the bridging facility at 0.75% pm over a nine-month term, completing the deal 10 days ahead of the borrower’s deadline.

“Although the hurdles we encountered brought challenges, our access to Cornerstone Capital, coupled with the efficiency of our clients’ advisers and solicitors, allowed us to complete the deal ahead of schedule,” said Ian.

Haydn Thomas, CEO at Cornerstone Capital (pictured above), added: “We are delighted to have supported this quality client with Cornerstone Capital’s largest loan to date. 

“We were able to make the right credit decision and negotiate a complex situation at pace. 

“This case is a prime example of what Cornerstone Capital is all about — speed, flexibility and quality service at a competitive price.”

Leave a comment