A corporate finance house in Manchester had a client who was buying a business in the South West. They had been let down by a Venture Capital company and were looking for alternative funding. The purchaser had a property with no mortgage and wanted to obtain a bridging loan of £900,000 quickly.
Other lenders and brokers had already been approached. Initially we gave an overview of the lenders that had offered finance and outlined the positives and negatives to the loans and the lenders.
As the repayment was to come from the sale of the property we considered lenders that would offer extensions to the loan if the sale took time. Cost was also important and knowing that the lender had the money to complete.
Due to our experience in the sector and detailed knowledge of the lenders we were chosen to source the finance and the client obtained a 12 month loan, interest calculated on a daily basis with no exit fee.
The house is on the market and they now own a very profitable business.