The facility was delivered at 70% LTV in 14 days.
A property developer had recently purchased and converted a large mansion in London into an investment property intended for resale.
The project was nearing completion but the borrower had reached the end of their existing bridging finance term and required additional time to market and sell the property.
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Their current lender was unwilling to extend the loan at the same interest rate. As a result, the borrower needed a fast refinance solution that would repay the outgoing lender, secure additional time to sell and avoid increasing borrowing costs.
Somo structured a deal that allowed the existing lender to be repaid in full while also securing a nine-month extension, releasing £100,000 in additional capital and recovering £2,000 in legal fees.
Rob Johnson, underwriting director at Somo, commented: “This is exactly where bridging should make things easier, not harder.
“By taking a pragmatic view, we delivered a fast refinance that gave the borrower time, flexibility and a better cost position.”
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