- Product Type: 1st Charge Commercial Bridging Loan (Re-Bridge)
- Location: Bridgwater, Somerset
- Loan amount: £755K
- Term/LTGDV: 12 Months, 68% LTV
The Scenario – An Urgent Refinance With the Clock Running Down
Our client approached us with an urgent refinancing requirement. Their existing bridging loan was due to expire in just two weeks, and the security property was an 18-bedroom trading hotel. To make matters worse, a significantly lower-than-expected valuation from the lender they had initially been working with meant the refinance could no longer proceed at the loan amount on offer, leaving the client under considerable time pressure.
The Challenge – Speed, a Down Valuation and a Trading Hotel
With the redemption deadline fast approaching, the client faced the real prospect of their bridging facility expiring before a replacement could be arranged. The unexpected down valuation had reduced the available loan amount to a level that was no longer enough to refinance the existing borrowing, which left the client with very limited options and a tight window to find an alternative.
The case needed a lender that could not only move at exceptional speed but also take a pragmatic view of the security. Coordinating a new application, legal representation, underwriting and completion within such a compressed timeframe was a significant challenge, particularly given the complexities of refinancing a trading commercial property.
Our Solution – The Right Lender and Completion in 10 Working Days
After assessing the available options, we identified a lender whose process was well suited to the client's circumstances. Rather than requiring a full RICS valuation, the lender was able to rely on an internal valuation process, removing one of the biggest obstacles and cutting the overall transaction time. They also permitted dual representation, allowing both parties to use the lender's solicitors, who were instructed on the second day of the transaction.
Once the client gave us the authority to proceed, the refinance was completed in just 10 working days, with the go-ahead given on the Monday and funds released on the Friday, before the client's existing bridge expired. By acting quickly, choosing and working closely with the right lender, and proactively managing every stage of the process, we delivered a successful outcome for the client.
What the Client Said
"I needed a £755k commercial bridge refinance sorted for our hotel and honestly wasn't expecting much movement given the tight timeline. NM Finance went from a standing start to a fully completed deal in under two weeks. No chasing, no messing about, they just got on with it and kept me updated the whole way through. If you need a broker who can actually move fast when it matters, these are the ones to call."
Links
