£3.7m Bridging Loan

Our client, an experienced developer, had just finished building 10 holiday lets in Devon. He approached us directly to enquire about a high value bridging loan that was needed to repay his current development finance facility and outstanding loans from his business partner.

After discussing the situation with the client, Tuscan Capital was selected to help organise this loan. Tuscan were the best fit for our client due to the size of the loan and the promise of the initial development. Working closely together, we agreed upon a 0.85% a month interest rate over a 12-month term, which would be paid back once the client had established revenue streams.

The client had a strict timescale due to the nature of the development and needed access to the funds as soon as possible. From the point of initial enquiry, a full loan deal was agreed in just eight weeks, and the client was able to fully focus on attracting visitors to the new properties.

£250,000 Bridging Loan

Our client was looking to sell one of his buy-to-let properties as quickly as possible to cover the legal costs from his divorce. A condition of his divorce stated he needed to remove his ex-wife from the deeds first, so a short-term bridging loan was identified as the correct solution. He was initially referred to us by an Introducer.

The bridging lender we thought most appropriate offered the client a competitive rate and the ability to complete the transaction within the required time frame of five weeks.

A loan of £125,000 against his property worth £250,000 was raised, allowing the client to redeem the current lender, cover his existing loan costs, and remove his ex-wife from the deeds. The terms offered were over 12 months, with the interest being retained, meaning the client would not need to service the loan throughout the term period.

Despite incurring a few delays, including waiting for the necessary, signed documents from the client’s ex-wife, the legal process was smooth, and the client was very pleased with the outcome.

The Introducer earnt £1,905 from this loan deal.

Second Charge Bridge Loan

Forecast Finance secured a £37,003 loan on a quick turnaround for a borrower looking to purchase land in Spain which would then be used to develop a holiday let property.

The borrower needed to raise money for a deposit quickly as they were competing for the land with a cash buyer.

We contacted our partners at Together Money to organise this loan as we knew they would be able to handle it effectively and time sensitively. Within hours of initial contact, we had agreed the terms of the deal, including a 1.3% per month interest rate over a 12-month term.

By gathering all the relevant and necessary supporting documents quickly and working closely with the team at Together, we were able to submit the application and ensure the loan process proceeded smoothly. Our contact at Together, James Barnes, responded to all our emails and calls within half an hour over the two days following the submission of the loan application.

James worked directly with our client to fully understand the case and the exit before releasing the funds just three days after terms were agreed.

The total time taken from introduction to releasing the funds was six days.

Steve Arnold, the Introducer who brought the client to us, said:

“Great to work with Sonia Johnson at Forecast Finance. I referred an urgent 2nd charge Bridging Finance case to Sonia on 22nd Sept and the case completed on the 28th of Sept, exceptional effort and one very happy client, thank you Sonia.”