Norton Broker Services and Spring Finance have worked together to complete a regulated re-bridge loan, moving quickly to overcome a complex exit strategy and release the funds in time to prevent legal action against the client.
Norton Broker Services had completed an initial bridging loan for the purchase of a residential home for the clients. The exit strategy was complex as it involved the sale of a property within a Limited Company where the directors were the applicant’s siblings.
Unfortunately, due to family disputes the exit couldn’t be achieved in time and the security was in threat of legal action from the lender. Norton Broker Services approached Spring Finance to secure the funds to rebridge the initial loan for £409,000 at a 48% LTV and with a 12 month term.
Norton Broker Services worked with Spring Finance to secure a fast decision and quick completion on the loan, enabling the client to not have the pressure of legal action and time to ensure the exit could be achieved as initially planned.
Sonny Gosai, Senior Sales & Development Manager at Norton Broker Services, says: “This case was a great example of a broker and lender working together to secure an excellent outcome for the customer. Spring Finance provided great service throughout the process, and we were able to overcome the challenges to arrive at the quick completion the client wanted.”
Jim Baker, Sales Director of Bridging at Spring Finance, says: “The key in agreeing and completing this re-bridge deal so quickly was having a clear presentation of all the facts at outset so we could understand and get comfortable with the exit strategy. Norton were excellent in this regard and indeed throughout the process. We are delighted to work with this highly regarded broker and to provide a specialist bridging solution for a customer in need.”