Lender rescues client from ticking timebomb

Bridging lender, Alternative Bridging Corporation (Cheval) saved a borrower from the brink as their time was running short….

While collaborating with brokerage Pure commercial Finance, Alternative Bridging Corporation ( Cheval), completed a regulated bridge deal worth £2.9 million.

The funder stepped in to refinance the client away from their current lender where the term was due to expire.  The existing lender did not renew the loan, which was secured on two houses in North West London.

Alternative Bridging Corporation (Cheval) replaced the existing bridging loan at a lower rate and accepted to advance further funds to build an extension on to one of the properties when planning permission is granted.

Consequently, Pure Commercial Finance was able to protect their client, providing enough time to sell the property at a good market price without having the stress of excessive interest penalties mounting up.

The deal was completed in time, even though it was taken right to the loan term’s deadline day, thanks to the diligent work of solicitor Christopher Agius, Capital Law who represented the client.

Ben Lloyd, Director of Pure Commercial Finance said:  “With complicated transactions that require everyone to pull in the same direction it’s absolutely imperative that the right funder is in place and the client has a strong legal team behind them with experience in complex time sensitive transactions like Capital Law and Alternative Bridging Corporation.“

Commenting on the deal, Chris Agius, solicitor at Capital Law said: “The transaction was not straightforward and the timescales were tight.  Throughout the transaction the support received by both ourselves and our client was second to none.  The personal service Pure Commercial Finance provide was very evident, as was the willingness for all at Pure to go the extra mile for their client.”

The broker confirms that Alternative Bridging (Cheval) welcomed supporting the ongoing relationship with Pure Commercial Finance.

The broker managed to complete four deals totalling just under £5 million in the last week, with the deal with Alternative Bridging Corporation (Cheval).