BRIDGING

Bridging

RESIDENTIAL

UP TO 75% LTV,
12 MONTHS,
FROM 0.59%PM

For purchasing property that high-street lenders
may not lend against.

Bridging

Auction

UP TO 75% LTV,
12 MONTHS,
FROM 0.49%PM

For purchasing property at auction.

Bridging

Refurbishment

UP TO 70% LTGDV,
15 MONTHS,
FROM 0.59%PM

For properties that require non-structural work
or change of use within permitted development.

Bridging

Commercial

UP TO 70% LTV,
12 MONTHS,
FROM 0.65%PM

For purchasing commercial properties.

Bridging

Development Exit

UP TO 75% LTV,
12 MONTHS,
FROM 0.65%PM

For refinancing or selling properties.

Bridging Case Study

STEPPING IN

Background: The borrower approached us after they were in a difficult situation with another one of their developments. Due to circumstances out of their control on their development, there was a funding gap that required to be filled.

Location: London
Product: Residential Bridge
Term: 12 Months
Exit Strategy: Sale of other development
Total Facility: £2,325,000
Valuation: £3,100,000

LTV: 75%
Interest Rate: 0.75% per month

Quirks: The borrower had been let down by another lender after the valuation came in lower than expected and they were unable to advance the borrower enough funds with their LTV restrictions.
Re-address of existing valuation report
Part-serviced interest to maximise the amount the borrower received.
Exit of our loan is from a development that we do not have a charge over.

Problems that arose prior to completion:Our exit strategy was the sale of the borrowers other development project. The other lender would not release the PMS report and so Lendhub directors went on site to check that we were releasing sufficient funds to cover the shortfall.

Why we funded it: Comfort with borrower and ability to finish other scheme. Willingness to build a relationship

Time to completion: 17 Working Days

Bridging Case Study

EXCHANGE AND COMPLETE

Background: One of our direct customers contacted us after they had exchanged on a 3 Bed- Semi Detached House they won in an auction. They required funds to help them complete on the transaction, and also wanted to work with a lender who could work allow them to modify and enhance the security property, without being too involved and holding funds back on retention.

Location:Reading
Product:Auction
Term:6 Months
Exit Strategy:Refinance with HMO
Total Facility: £311,250
Valuation: £415,000

LTV: 75%
Interest Rate: 0.85% per month

Quirks:The borrower intended to undertake a programme of refurbishment works to the property, and fund these works themselves without authorisation from a QS or PM.

Problems that arose prior to completion:Upon receipt of the independent valuation report, it was indicated that the property was potentially at risk from structural damage. We instructed a structural engineer the same day to assess the property and verify the severity of the cracked walls.

Why we funded it: After speaking with the developer and understanding the nature of the proposed works and the professional team instructed to implement the works, we were able to gain comfort that the works would be done to a satisfactory standard allowing a smooth transition onto a long term HMO mortgage.

Time to completion: 14 working Days

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