Bridging deals of the week

Bridging deals of the week




This week, B&C wanted to highlight to our readers the details of a recently completed deal in Belfast, Northern Ireland, with Simple Bridging Limited….

This week, B&C wanted to highlight to our readers the details of a recently completed deal in Belfast, Northern Ireland, with Simple Bridging Limited

Simple Bridging was formed in May 2011 to offer brokers and introducers access to private bridging funds for commercial and residential investment properties.

Joe Maxwell, of Maxwell Financial Solutions in Belfast, explained how Simple Bridging addressed his client’s needs: “I have just completed a deal with Simple Bridging Ltd and was very impressed with their whole setup and professionalism. My client had been left a house in a will by an in-law (the in-law had a mortgage and a secured loan against the property).

“The deeds of the property could not be put in my client’s name until the deceased’s existing debts were cleared. My client had no other means of raising the funds and had run out of ideas.

“By chance, after searching online one day, I came across Simple Bridging Ltd. I spoke to Simple about my dilemma and they got back to me within an hour to tell me they were happy to proceed, which was great news for my client.

“All documents were sent over and a valuation was done. The case was sent to legals and completed a week later. I was impressed with the way Simple constantly chased me for outstanding paperwork to ensure a speedy completion. From my initial conversation with Simple through to completion took three weeks. I will now be able to obtain a remortgage for my client (now the deeds are in his own name) to raise the funds to repay the bridging loan.”

B&C also heard from the Head of Business Development at Simple Bridging Limited, who commented: “I remember my first conversation with Joe Maxwell very well. His opening line was “I have a deal but I don’t think you can do it” - how wrong he was!

“The client had tried to arrange a remortgage but the lender would not agree once it was established that the deeds were not in the client’s name.

“For us, the case was simple. The client wanted to hold onto the property for investment purposes. We advanced the client £107,500 which was 50 per cent LTV of the property’s value of £215,000 taking a first charge.

“We raised enough to pay off the two existing debts secured on the property, which now allows the deeds to be put into the client’s name.

“I am delighted that we were able to complete Joe’s first deal and provided a solution for the client."

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