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Hampshire Trust and Together complete bridging deals worth over £400k – roundup

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  • 11/12/2018
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Hampshire Trust and Together complete bridging deals worth over £400k – roundup
Hampshire Trust Bank (HTB) has completed a commercial bridging loan worth £430,000 while Together secured a £500,000 bridging loan in 24 hours.

 

Hampshire Trust completed the £430,000 bridging loan to support the refinancing of a commercial property development in Colchester.

The short term facility was provided at 70% loan to value (LTV) net and was turned around in nine days from initial enquiry to completion.

The security property, a former bank, was purchased in December 2016 for £275,000. Since then, it has been extended into four self-contained offices.

The bridging loan was required to raise capital to fund further acquisitions on the sites identified. The transaction was brokered by Boudicca Financial Solutions, a specialist independent commercial finance brokerage.

Alex Searle, sales director at HTB, said the lender appreciated that when borrowers need short-term lending, they typically needed it quickly.

 

F4B and Together secure loan in 24 hours

The deal arose after a client of Finance4Business (F4B) feared they would lose their £50,000 deposit after a late, legal hitch threatened their plans to expand via the purchase of adjoining land.

A longer-term loan facility with Atom Bank was in place but, because of a delay in returning searches, the customers were in danger of missing the seller’s deadline.

However, F4B contacted Together, using the existing valuation and supporting documentation from Atom.

The bridging loan was instructed on 1pm on Thursday with the funds released at 12pm the following day.

Guy Collier, the IFA who dealt with the case, said the client and broker were “delighted” with the service and outcome. He said: “The borrowers are valued clients of ours and we are very happy to have helped find a solution for them in their time of need.”

Russell Martin, managing director of F4B, said: “Short-term finance is an evolving market, with completion timescales increasing in the main. It is refreshing to see that, when required, quick bridging loans can still be provided.

“Relationships are key to completing deals at speed, and understanding the nuances and processes of specific lenders is paramount.”

Marc Goldberg, commercial CEO at Together (pictured), said: “It was a great outcome for the customer. They may have lost their £50,000 deposit if they hadn’t met the deadline and the price of the land would also have increased.

“This facility allowed the deal to complete on time so the clients could buy the land they needed to expand, at the agreed price, without any interruption to their business.”

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