Lendhub has completed a complex £2.7m residential bridging loan for a development consisting of 26 flats and five houses.
The loan — which was provided in 10 days — was issued to the client, who was part-way through the scheme, when cost overruns resulted in a shortfall in funds.
As the facility was secured against other assets because the site was charged with other lenders, the case was made more complex and subsequently gave Lendhub limited control over the exit strategy.
However, due to regular site visits and good working relationships, Lendhub was able to overcome this with the borrower planning to redeem the loan upon sale of the units.
Max Herman, lending manager at Lendhub (pictured above), said: “We were really pleased to be able to step-in and assist our introducer after another lender was unable to proceed following a lower than expected valuation.
“A complex loan within tight timescales was made possible by all involved working in coordination.”