Another way to exit a bridging loan?
Benjamin Clarke
Webuypremises.com - raising significant working capital for businesses via sale and leaseback transactions on trading premises. Very generous fees paid to brokers & introducers.
If you're reading this then hopefully you operate in the bridge finance industry.
The key part to a successful bridge is the exit. Often clients take out loans with the best intentions, however life has a funny way of getting in the way and changing their plans. This brief article will show how our services can be another tool in the bridging finance broker's toolbox.
Recently I was introduced to a gentleman named James. James had purchased bigger premises to trade from as his business was growing rapidly. He purchased the premises with a bridging loan from a well known lender, moved into the unit and began trading. His plan was to remortgage at a later date, paying back the debt and keeping the business.
Unfortunately, due to circumstances outside of his control, he was unable to refinance as originally planned.
Fast forward a couple of years, the loan now stood at 33% more than when he first took it out and he was now getting threatened with repossession.
We stepped in and agreed to purchase the property from James and lease it straight back to him at the market rent. This accomplished 2 things - cleared the debt and allowed him to maintain his business.
James is delighted that he won't lose his business and the broker who brought it to us received an introductory fee of ￡5000. Not bad for an email.
If you have a client who is struggling to exit a bridging loan, this could be the perfect solution.
If you have questions, please call me on 07973348823 or email [email protected]. I am happy to talk through anything you may have.