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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS