The loan was a 12-month term facility at 0.99%.
The clients, a married couple in their 50s, initially applied for joint finance to purchase a residential property in need of substantial renovation. One of the clients also owned multiple properties in the background and planned to sell their current residential property to fund the project — the clients were advised by Norton to take a bridging loan against the existing property.
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The property did not sell as quickly as originally planned and the existing lender declined to extend the bridge due to the lack of a sales agreement.
The clients returned to Norton Broker Services, who secured a re-bridge loan to pay off the original facility, allowing more time for sale of the property.
Jimmy Allen, Broker Account Manager at Norton Broker Services (pictured above), commented: “By acting quickly and using our strong relationships with lenders, we secured a re-bridge that fit our clients’ needs perfectly and kept their project moving in the right direction.
“It’s this ability to adapt and solve complex problems that we pride ourselves on."
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