Specialist lender Glenhawk has completed a £1.9m regulated bridging loan, giving a borrower more time to market and sell a converted barn in Watford.
The facility was secured against the residential property at 66% loan-to-value (LTV) and repaid both a first and second charge. The borrower had taken out the second charge to fund a substantial refurbishment of the property.
Regulated bridging loan gives borrower room on price
The barn was already on the market when the borrower approached Glenhawk, but the sale needed more time to find a suitable buyer. Glenhawk allowed the borrower to keep marketing the property at an asking price above its valuation. That gave them the chance to hold out for their desired price rather than accept a quicker sale.
“In a market typified by a lack of confidence and a slower sale pace, we are seeing an increase in sales bridges where borrowers need more time to market and sell their properties,” said Ryan Brewer, business development manager at Glenhawk (pictured).
“Whether we’re refinancing a development loan, a residential mortgage or, as in this case, a combination of a 1st and a 2nd charge, we can often help give borrowers the breathing space they need.”
Happy Brokers introduced the regulated bridging loan. Brewer originated it at Glenhawk, while underwriter Ruth Griggs and case manager Rhiannon Kenny took it through to completion.
“Glenhawk were excellent to work with on this complicated regulated refinance,” said Paul Lefevre, director at Happy Brokers.
“On larger and more complex transactions, communication, flexibility and certainty of delivery are absolutely key, and the team were pragmatic and responsive throughout. They worked closely with us from application through to completion and helped ensure the transaction progressed smoothly. It was a great result for the client and another positive experience working with Glenhawk.”
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