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F4B and Grosvenor Funding provide bridge after coronavirus scuppers BTL deal

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  • 02/04/2020
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F4B and Grosvenor Funding provide bridge after coronavirus scuppers BTL deal
First 4 Bridging (F4B) and Grosvenor Funding have secured a four-day completion on a bridging loan facility to allow a borrower to finalise a first charge buy-to-let purchase which was under threat due to the fallout from Covid-19.

 

First 4 Bridging was approached by the borrower after his initial deal was terminated because the original lender suddenly withdrew the loan due to funding and transactional restrictions.  

Contracts had already been exchanged on the buy-to-let purchase in Oxford, with a property value of £875,000 and loan amount of £450,000, before F4B was contacted to seek an alternative lending solution.  

The specialist distributor worked with Grosvenor Funding to resolve the situation. 

Myles Williams, CEO of First 4 Bridging, said: “We are currently operating in unprecedented times as lenders are understandably having to constantly review product ranges, criteria and operational functionality.  

“Such cases also underline the value attached to the strength of relationships between specialist distributors and lenders and how, even in uncertain times, we can still pull together to get deals done in a timely manner to satisfy a range of client requirements.” 

Jonathan Caplan, CEO at Grosvenor Funding, added: “More than ever, this shows how important an experienced and knowledgeable specialist distributor is to brokers.” 

 

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