Our client needed to refinance a block of eight flats, all let to the local council. The bridging loan was coming to an end, but the deal had its complexities. The flats were under 30sqm, the borrower had a CCJ in their past and they were based overseas.
The Problem
The client was based overseas and needed over £1 million to exit their current facility. Each unit in the block was under 30sqm which many lenders consider too small and a previous CCJ on their credit file added more complexity. On top of that, the ownership structure involved a high net worth SPV setup that required a lender comfortable with layered company structures.
The Solution
We sourced a lender that understood the nuances of council leased accomodation, and could look beyond the obvious obstacles. From the outset, we kept the lender fully informed and guided the process at every step to keep the deal on track.
We secured:
- A £1.037m term loan
- Fixed at 6.84% for 2 years
- At 74% LTV
- With a structure that reduced the client’s monthly outgoings and cleared the full bridging loan
The Outcome
The client exited their bridging facility on time, secured better terms and reduced their monthly costs all while holding onto a strong income producing asset.
This deal is a reminder that in property finance, small complications can easily stall progress. But with the right lender, the right structure and the right guidance, complex doesn’t mean difficult.
The client shared:
"I would like to say thank you to Saam, George and the Merryoaks team for helping me exit a very difficult and complex deal. The last few months have been incredibly stressful for me and Dan. I am so grateful that we finally managed to exit the bridge. We wouldn’t be able to do this without your advice, help and relentless chasing" - Verified Google Review
.png)
.png)
