The client, who had some small unsecured arrears, which damaged her credit rating, required the loan to raise 100% of the purchase price for a large four-bedroom house in north London, and renovate the property.

Despite the borrower’s credit situation, Loan.co.uk and Together were able to use three of her other BTL dwellings and the north London home as a security for the facility.

Only one full valuation was necessary for the purchase property, with AVMs accepted for the other three, which sped up the process and saved the client valuation fees.

The £1.1m bridging loan was provided at 0.8% over a 12-month term, with no ERC or exit fees.

The client will repay the facility by refinancing her portfolio once renovations have been completed for the new home.

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Paul McGerrigan, CEO at Loan.co.uk (pictured above), said: “It was a complex case with multiple properties being used for the purchase; however, we managed to navigate it and, thanks to our in-depth lender knowledge and experience, as well as our strong relationships with lenders, we were able to get this over the line.

“It is particularly satisfying to see highly complex cases like this come to a great conclusion — it is testimony to the concerted effort we have made on developing our bridging capability this year, and our excellent people.”

Sundeep Patel, director of sales at Together, added: “On the face of it, this would seem an
impossible task, to secure this £1.1m property with such a complex funding make-up, as well
as adverse credit.

“However, with Loan.co.uk’s experience and problem-solving ability, and Together’s capability in the bridging market — backed by the depth of human underwriting experience — we were able to get this deal done and delight yet another client.”