The first-charge facility was structured at 65% LTV against a BTL property in Hornchurch valued at £2.5m.
The client had originally taken out a bridging loan to acquire the property.
With a redemption figure of £1.826m, timing was critical.
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Although the borrower presented with a clean profile and no adverse history, the scale of the loan and the tight deadline meant execution risk had to be carefully managed.
The refinance also relied on a contribution of approximately £366,000 from the completed sale of another property.
Somo redeemed the outgoing lender in full, ensuring the exisiting bridging loan was redeemed ahead of expiry, protecting the borrower’s position and allowing a transition onto longer-term BTL finance.
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