Cornerstone Capital has completed a £500,000 bridging deal, the largest deal that the lender has ever secured.
The loan was secured by the co-owner of a cottage in Cornwall, who sought to pursue sole ownership of the property which had been in the family since 1954.
Cornerstone Capital, a privately funded commercial lender and part of The Cornerstone Finance Group, offers short-term lending loans to property developers and private investors.
With a family agreement reached early last year and the payment deferred for 12 months, the client was working to a February 2022 deadline to secure funding. As a result of the property’s complex ownership structure and limited lender appetite, the client was introduced to head of complex funding at Cornerstone Commercial Finance, Ian Pottle.
Pottle worked directly with Cornerstone Capital, and successfully secured the required bridging loan within three days – with the deal completing 10 days ahead of the ultimate deadline.
He commented: “Although the hurdles we encountered brought challenges, our access to Cornerstone Capital, coupled with the efficiency of our clients’ advisers and solicitors, allowed us to complete the deal ahead of schedule.”
Cornerstone Capital CEO, Haydn Thomas, added: “We are delighted to have supported this quality client with Cornerstone Capital’s largest loan to date.
“We were able to make the right credit decision and negotiate a complex situation at pace. This case is a prime example of what Cornerstone Capital is all about – speed, flexibility and quality service at a competitive price.”
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