Bridging
Pure Commercial Finance completes £2.5m bridging rescue in three days
Broker Pure Commercial Finance has helped a client avoid the collapse of a development deal by finding a second charge bridging loan in three working days.
The client had purchased a large site with planning permission for multiple homes, but needed further finance in order to complete the job.
However, a lender pulled out at the last minute, leaving the borrower needing to find £2.5m of funding in just a few days to prevent the project collapsing.
The developer turned to Pure, who in turn approached Bushell Investment Group (BIG), which the broker said had a “proven track record” of delivering on cases like this.
Ben Lloyd, managing director of Pure, said Bushell was an “absolutely outstanding lender for complex jobs”, particularly when time is tight.
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He added: “Even though there wasn’t a second valuation, which would turn off many lenders, BIG were comfortable with their own research that the asset was worth significantly more and decided to progress with the loan without the need for a new valuation.”