A commercial and residential property development company based in Birmingham.
Having agreed to purchase two adjoining commercial properties on the outskirts of Birmingham, our two property developer clients contacted us as they were struggling to secure the finance required to facilitate a commercial mortgage.
The properties in question were very run and required a full internal refurbishment, coupled with the fact both properties had recently become vacant creating a cash flow issue which deterred any potential lender from having confidence in the property’s affordability
The BFS Solution
As both these property developers saw this a very good business opportunity the BFS consultant was convinced that this could be remedied by an alternative funding method by introducing a bridging loan facility until a commercial mortgage could be swapped in its place.
The BFS consultant contacted two very renowned bridging facility lenders on their panel who he thought may have an appetite to consider this particular case, and within two weeks a bridging loan facility was arranged for a 12-month term, which if the clients required extended at any point after 60 days without penalty.
Within a 6-month period, the clients had renovated both properties to a standard where tenants could occupy and agreed on new lease terms. A commercial mortgage was then applied for and used to repay the bridging facility off in full.
Both clients had almost given up on the idea of acquiring this addition to their growing portfolio but having put faith in BFS consultant and their carefully chosen panel of lenders it proved beyond doubt a solution can be found when dealing with the right people.
Bridge A Short Term Funding Gap With BFS
If you have a short term funding gap that needs to be filled, bridging finance could help. Being a fast and flexible funding option, we could have the money in your account within 15 days of initial quotation. For more information, call one of our expert team today on 0800 047 2389 or fill out a contact form and we will get back to you.