The first charge loan provided a limited company – whose security property was owned by the managing director of the firm and his wife – with the funds to redeem an existing business loan which was about to expire.
The loan was agreed at 70% LTV for nine months, with repayment set to come from the sale of one of the client’s businesses.
- MFS completes £2m second charge bridge
- MFS completes £3m re-bridge in under five days
- Bridging loan saves client's £480k deposit
Brian West, director at Central Bridging (pictured above), said: “Every senior member of the team at Central has a minimum of 20 years’ industry experience with many of these spent broking before we became a principal lender in 2010.
“As a result, I suspect there are very few lenders that understand brokers and the often-complex needs of their clients quite like us.”
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