Inspired Lending has provided a 6-month bridging loan facility of £1.3m secured against multiple properties at an LTV of 68%.
The loan allowed the borrowers to repay existing borrowings and move their properties from personal names into a corporate structure. This also freed up other portfolio properties for development projects.
The transaction was not straightforward as it involved multiple lenders and had several legal challenges to overcome. However, Inspired Lending’s experience, flexibility and pragmatic approach enabled them to comfortably meet the borrower’s deadline. With the properties now in a new corporate vehicle, the borrower will obtain refinance to repay their bridging loan.
Gavin Diamond, CEO at Inspired Lending, commented: “The key to this case was to quickly understand all the challenges that were faced so that a solution could be provided, and, in my experience, many lenders faced with some of the issues we came across would have walked away.
“However, we knew it was a great deal, which included a client with a clear need and a way to exit the facility safely and quickly. Deals like this cement our belief in our proposition as a common-sense bridging lender, who is bringing bridging back to basics.”
