Glenhawk, the specialist property lender, has completed a £1.9 million regulated bridging loan, giving a borrower additional time to market and sell a converted barn in Watford.
The facility was secured against the residential property at 66 per cent loan-to-value (LTV) and used to repay both a first and second charge. The second charge had previously been taken out to fund a substantial refurbishment of the property.
The property was already on the market when the borrower approached Glenhawk, but additional time was required to secure a suitable buyer. Glenhawk allowed the borrower to continue marketing the property at an asking price above its valuation, giving them further time to seek their desired sale price rather than having to accept a quicker sale.
The transaction was introduced by Paul Lefevre, director at Happy Brokers, originated by Ryan Brewer, business development manager at Glenhawk, and progressed to completion by Ruth Griggs, underwriter, and Rhiannon Kenny, case manager.
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Ryan Brewer, business development manager at Glenhawk, said: “In a market typified by a lack of confidence and a slower sale pace, we are seeing an increase in sales bridges where borrowers need more time to market and sell their properties.
“Whether we’re refinancing a development loan, a residential mortgage or, as in this case, a combination of a 1st and a 2nd charge, we can often help give borrowers the breathing space they need.”
Paul Lefevre, director at Happy Brokers, said: “Glenhawk were excellent to work with on this complicated regulated refinance.
“On larger and more complex transactions, communication, flexibility and certainty of delivery are absolutely key, and the team were pragmatic and responsive throughout.
“They worked closely with us from application through to completion and helped ensure the transaction progressed smoothly. It was a great result for the client and another positive experience working with Glenhawk.”
Image: (Pictured) Ryan Brewer, business development manager at Glenhawk
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