The broker’s client was a successful entrepreneur who required a short term facility but had been turned down by traditional lenders.
This was in order to pay off an existing first charge bridging loan on a large 20-acre detached property which he had converted into a substantial investment property valued at £5.5 million.
Commercial relationship development manager at LMC, Jamie Jolly, said due to the complexities of the case, high street lenders and other bridging providers had been unable to provide funding in the time permitted.
“There was significant pressure to redeem the first bridge, in this case time was of the essence,” said Jamie.
“As a lender with over 40 years’ experience, we were able to take a common sense approach to the loan and advanced the £3.2 million in just five days.”
Head of Bridging at Brightstar, Kit Thompson, added that although bridging a bridging loan was uncommon he knew LMC would be able to provide the flexibility the client needed.
“Its finance enabled the client to repay his existing bridging lender and raise an additional £200,000 for his latest UK business venture,” said Kit.
“Thanks to the innovative approach to bridging from LMC our client’s refinance application is already underway and he expects to be able to refinance the whole debt onto a mortgage within the next few months.
“This case is a great example of how bridging finance can work alongside term lending, to provide a short-term funding solution until longer-term finance can be put in place.”
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