First 4 Bridging (F4B) and Grosvenor Funding have combined to secure a bridging loan in four days, allowing a borrower to complete a first charge buy-to-let (BTL) investment property purchase that was under threat due to Covid-19 implications.
F4B, the specialist distributor, revealed it had first been approached by the borrower after his initial deal was terminated because the existing lender was unexpectedly forced to withdraw the original loan facility – due to funding and transactional restrictions.
The contracts had already been exchanged for a BTL purchase in Oxford – which had a property value of £875,000 and loan amount of £450,000 – before F4B was asked to step in and seek an alternative lending solution. The specialist distributor indicated it worked closely with Grosvenor Funding to find a fast and appropriate solution.
“We are currently operating in unprecedented times as lenders are understandably having to constantly review product ranges, criteria and operational functionality,” F4B CEO, Myles Williams, commented.
“However, clients still require access to all types of lending solutions and it’s great to see proactive and flexible lenders such as Grosvenor Funding stepping up to the plate and saving these types of deals which could easily have resulted in huge cost implications for the borrower in question, through no fault of their own.
“Such cases also underline the value attached to the strength of relationships between specialist distributors and lenders and how, even in uncertain times, we can still pull together to get deals done in a timely manner to satisfy a range of client requirements.”
Grosvenor Funding CEO, Jonathan Caplan, added: “More than ever, this shows how important an experienced and knowledgeable specialist distributor is to brokers. The team at F4B knew how to perfectly package the case, thereby ensuring there were no costly delays for the client.
“This enabled us to step in at a late stage, and due to our flexible approach, support this transaction through to completion.”
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