29 May Bridge Invest has completed a £2.325m bridging loan to acquire a property in Mount Street, Mayfair
The borrower required the finance to pay 100% of the property purchase price, as well as the stamp duty and legal fees with enough funds left to refurbish the property.
The loan was secured with three first charges up to 76% LTV and three second charge loans up to 71.5% LTV with a term of 12 months.
The borrower needed £180,000 of funding prior to completion, which the team at Bridge Invest advanced by taking two equitable charges on two additional properties that currently had legal charges with lenders that had not given consent for a second charge.
Vivek Jeswani, co-founder at Bridge Invest, said: “We utilised first, second and equitable charges at high LTVs across eight [separate] properties reflecting our bespoke approach to lending.”
Bridge Invest launched in 2016 and has provided over £20m of funding to date.