At first glance, it might seem like mainstream lenders are able to offer a wide variety of finance structures and mortgage deals. But in reality, there’s a significant subset of specialist lenders who can only be accessed via the right private contacts.
Bridging loans can be a useful tool for a range of property transactions. To find out how it might benefit you, download our guide, Using short-term finance to your advantage.
These lenders are often the ideal match for complicated cases – as this story illustrates.
The client:
The client in this instance was a UK national. The CEO of a hedge fund, this individual was an ultra-high net worth (UNHW) applicant looking to purchase a property well in excess of £10 million, in one of London’s most desirable locations.
While this client was clearly in a strong financial position, he was facing a challenge in that he needed to move quickly to secure the property – and the nature of the asset meant that he couldn’t secure a standard mortgage against it. He therefore needed a large bridging loan to complete the deal.
The solution:
Given the client was looking for a bridging loan in the many millions of pounds, many mainstream bridging lenders would be unable to help.
Fortunately, we have a strong relationship with a highly specialist lender able to offer high-value bridging loans to UHNW applicants. This lender is only accessible via a private contact, which highlights the value that an experienced broker can add to transactions of this nature.
We were able to negotiate a reasonable interest rate on a 12-month term, with rolled-up interest, which added the interest payments into the loan amount.
The case in brief:
- UNHW UK national
- Seeking finance for a high-value London asset
- 12-month bridging loan secured
- Specialist lender only accessible via a private contact