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Lawrence Stephens complete bridging loan in five days

We are delighted to share the news that members of our Real Estate Finance team have successfully completed a £550,000 bridging loan financed by valued client Lendhub Limited only five days after being instructed. The Read more...

We are delighted to share the news that members of our Real Estate Finance team have successfully completed a £550,000 bridging loan financed by valued client Lendhub Limited only five days after being instructed. The team were instructed by Lendhub on 2nd October 2020 and completed the transaction on 8th October 2020. 

The borrower was raising capital to fund an auction purchase  after the borrower encountered delays in completing a buy-to-let mortgage in the required timescales, leading to the borrower being served with a notice to complete by the seller 

The 6 month bridging loan was  secured against a 9-bedroom HMO at 75% LTV in Ilford, East London. 

The challenge was accepted, and the Lawrence Stephens team with their associates from Copping Joyce and Lendhub worked tirelessly to get the deal over the line.

Partner and Head of Real Estate Finance, Gregory Palos, led the transaction and was assisted by Solicitor, Aashay Knights and Trainee Solicitor, Alex Duncliffe-Vines

Gregory Palos commented: 

“The consequences of failing to meet the borrower’s time line were very severe. Our ‘Failure Is Not An Option” attitude and approach is exactly what was needed and we are all very happy, but not surprised, to have met this challenge.”

Asim Shirwani, Chief Commercial Officer of Lendhub, commented: 

“When accepting deals of this nature, we have to be 100% confident that we can deliver exactly what and when is required for the borrower and we are extremely proud to have done just that. This deal is a great example of what we can do when time is of the essence and teams come together to deliver excellent customer service and outcome, I would like to take the opportunity thank all those involved in making this happen.”

If you would like to discuss any of the topics raised in the above article, please call us on +44 (0)20 7936 8888, email on enquiries@lawstep.co.uk or contact a member of the team below.