London Credit has completed a complex £1.8m refinance bridging loan for five residential properties located in North London.
The client was a UK property investor holding a portfolio of five, freehold properties in Tottenham and Cockfosters, with a total value £3.3m. The 12 month loan, with an LTV of 54.1%, was used to consolidate two mainstream mortgages and a bridging loan and to complete works on one of the properties.
Marios Theophanous, credit manager of London Credit, said: “We were delighted to provide short-term refinancing for these prime London properties. The case was initially discussed and agreed on the spot between myself, the BDM and the broker in a zoom meeting.
“There were delays with the building control sign offs for one of the properties and some other legal requirements. However, we managed to overcome these issues with our legal partners and the bridging loan was processed to meet the deadline in under three weeks.”
David Merson, partner at Gunnercooke LLP who advised London Credit on the legal formalities, added: “This bridging loan was complex, involving several BTL properties with multiple tenants, as well as three separate outgoing lenders and their solicitors.
“We faced a number of hurdles including ensuring that the loan applicant had met all the statutory obligations for the tenancies; that the security on the properties was released in the timescale; and working quickly to the borrower’s timescale.
“The team at London Credit were very helpful and worked diligently, with an impressive level of speed and efficiency to ensure we were able to process the loan in three weeks.”
London Credit is a short-term lender providing residential and commercial loans for properties located in London, the South East and major cities, from £100,000 to £3.5m.