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London Credit completes £1.8m refinance bridge for five BTLs

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  • 02/10/2020
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London Credit completes £1.8m refinance bridge for five BTLs
London Credit has completed a complex £1.8m refinance bridging loan for five residential properties located in North London.

 

The deal involved combining the loans of three outgoing lenders covering the properties in Tottenham and Cockfosters which had a total value of £3.3m.

The 12-month loan with a loan to value (LTV) of 54.1 per cent was used to consolidate two mainstream mortgages and a bridging loan and to complete works on one of the properties.

Marios Theophanous, credit manager of London Credit said the firm was delighted to provide short-term refinancing for these London properties.

“The case was initially discussed and agreed on the spot between myself, the business development manager and the broker in a zoom meeting.

“There were delays with the building control sign offs for one of the properties and some other legal requirements.

“However, we managed to overcome these issues with our legal partners and the bridging loan was processed to meet the deadline in under three weeks.”

David Merson, partner at Gunnercooke LLP who advised on the legal formalities added: “This bridging loan was complex, involving several buy-to-let properties with multiple tenants, as well as three separate outgoing lenders and their solicitors.

“We faced a number of hurdles including ensuring that the loan applicant had met all the statutory obligations for the tenancies; that the security on the properties was released in the timescale; and working quickly to the borrower’s timescale.”

 

 

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