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Brightstar assists client to exit bridging facility with lender who previously turned them down

A commercial finance case study - October 2018

Objective

Brightstar received an enquiry from a first-time introducer, where the client needed to exit a bridging facility and refinance their semi-commercial property in East London.

Obstacle

Prior to contacting the commercial team at Brightstar, the introducing broker and client had approached a number of master brokers and lenders directly.  However, they were told that it wouldn’t be possible to raise enough to settle the bridging facility in full.  Whilst the majority of commercial lenders work on the vacant possession value up to 65% – 70% LTV (max); we were confident that we could raise 75% of the market value to meet the client requirements.  Whilst discussing the lender and product in mind with the introducing broker, it transpired that the client had already been turned down with them via another master broker.

Outcome

After speaking to the lender’s senior underwriter, they were also confident the deal could be done.   We submitted the client application and were delighted to be able to drawdown the funds for the client, enabling the repayment of the bridging facility in full.

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