Completed Case: £2.5m bridging loan in Yorkshire


We were approached by one of our valued introducers to refinance a high yielding block of apartments in Yorkshire to secure further funds whilst the introducer secured a senior debt facility. What should have been a simple and straightforward deal became a complicated one.

We initially approached one of our panel lenders who issued terms and instructed their valuer and lawyer. The lender was lending against the bricks and mortar value but valuer could not get comfortable with the rental income and relayed his feelings to the lender who reduced their offer to 53% which wasn’t sufficient because the client required 60%.

We therefore discussed the deal with another lender and explained the valuers concerns on the rental income and they were happy to proceed at the requested amount because it was 60% bricks and mortar.

The valuer wanted to reinspect and when he presented the valuation he had reduced the bricks and mortar value from £3.75m to £3.5m. These bricks and mortar valuations were from inspections two weeks apart. Despite the valuers best efforts to taint the deal we got it completed, much to the delight of all concerned.

As you can see, as complicated as the deal may get, we won’t give up to get our clients the best deal possible.

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