Sirius completes £1.1m bridging loan in 4 days
Sirius Property Finance has completed a £1.1m bridging loan to finance the purchase of a semi-commercial property at auction.
The client approached Sirius with just a week to go before they were contractually obliged to complete on a £1.25m semi-commercial property in Kilburn, North West London.
Previous attempts to secure finance had left the client with a £120k shortfall. On top of this, the client had been required to redeem the mortgages on two background buy to let properties, potentially incurring Early Repayment Charges (ERC) of more than £30,000.
Sirius worked closely with lender, West One Loans, to enable the client to raise the full £1.1m, without the need to redeem the background buy to let properties and incur ERCs, and the loan completed in just four days from the initial enquiry, ahead of the client’s tight deadline.
Fodi Christodolou, senior associate, residential & investment finance, said: “This deal would not have been possible were it not for the fantastic relationship that Sirius has with West One. In fact, the client didn’t believe that we would be able to complete it in the timeframe. But we worked closely with the lender to ensure that all parties were able to get it across the line in time, delivering a great result for the client. Not only were they able to raise the extra £120k they required, but they also saved the £30k they would have needed to pay if they had proceeded with the previous lender, and the finance was secured well ahead of schedule.”
Nick Jones, sales director at West One Loans, said: “This deal is a great example of what can be achieved when lenders and brokers work closely together in the interests of the client. We overcame a lot of hurdles in just a few days and delivered a result the client didn’t think was possible when they first approached Sirius.”