978 Bridging – Example Case Studies

Below are some examples of the previous work we have carried out at 978 Bridging Ltd for our clients across the UK.

If you would like to find out more about property finance, please do not hesitate to contact us in Lancaster, Lancashire on 01524 889978.

978 Bridging – Example Case Studies

Below are some examples of the previous work we have carried out at 978 Bridging Ltd for our clients across the UK.

If you would like to find out more about property finance, please do not hesitate to contact us in Lancaster, Lancashire on 01524 889978.

45 Bed HMO Conversion

978 Bridging completed back-to-back bridges to secure a deal on a Care Home Conversion into a 45-bed HMO (house of multiple occupancy).

Our client Claire approached us a week prior to auction. She had already been to other brokers and lenders looking for assistance, however they could not facilitate a bridge for the acquisition of a care home. This was primarily down to the fact that there was a lack of planning for the conversion of this property into a 45 bed HMO.

Although, 978 Bridging secured suitable outline terms within a matter of hours. An offer from a lender was made to vary out a valuation prior to the auction. This was all done within a 24 hour turnaround period, with the valuation offering extra security for the client. The lender also attended the auction and our client was able to secure the winning bid of £366,000. Minutes later a formal offer letter was produced and legals instructed.

Claire, a property entrepreneur, was also compiling the acquisition of a smaller property for conversion into a 5/6 bed. However, a delay was caused due to lack of communication from Lloyd’s Bank regarding a debenture. This meant that the care home deposit money had to be used to secure the smaller property.

After liaising with Lloyds Bank and the bridging lenders, our Managing Director Simon Das was able to obtain a verbal agreement that a letter of non-crystallisation would be sufficient in allowing the bridging lender to take the first charge and for the debenture to be put I place at a later date. As a result, back-to-back bridges were arranged so the deposit money could be release in a couple of hours and the purchase of the care home completed.

The client is progressing with the planning process for conversion and planned to start converting the smaller property straight away. In reflection on the deal, Claire said: “I approached 978 Bridging after other brokers and lenders could not provide what I needed for my upcoming project. It was a tricky deal with big time pressures, but the guys just got on with it.

“The team provided an excellent service. Lee (BDM) was efficient and hard-working, working out of hours if needed and Simon was readily available to provide support when necessary. I was impressed by how swiftly suitable terms were put in place and communication was prompt and clear throughout. I would definitely recommend the business and look forward to working with 978 in the future.”

Simon, our Managing Director, also added: “It was great to work with an astute and driven client and ensure she could pursue her current ambitions.”

Penthouse Acquisition on the Isle of Dogs

The 978 Bridging team always aim to go above and beyond, providing an excellent service for all clients. This was provided in our involvement with a deal securing the acquisition of a penthouse on the Isle of Dogs.

The client, H. James, contacted on a Sunday afternoon to pursue 100% funding for the acquisition of a half a million-pound penthouse on the Isle of Dogs in London. This is an exclusive area of the capital city and sits alongside the Canary Wharf skyline. The previous owner had unfortunately fallen into arrears on his mortgage and was facing repossession.

With a quick turnaround time, 978 placed suitable terms into place by 8am the following morning. The next day it progressed to a valuation and legals. On the open market the penthouse was valued at £550k, however it was secured for £330k due to the seller’s financial position. Our team were able to provide 100% of the purchase price with a 6-month bridging loan. The client paid for the valuation and legal fees, coming to a total of £3,000.

Managing Director Simon said the following about the deal: “This was a tricky deal due to the nature of the sale and various issues with the leases, but it was a real pleasure to get it across the line. Now we look forward to helping with the refinance and getting a competitive BTL product.”

The client also added that 978 Bridging “have excellent knowledge and connections in the finance world” and that it “is apparent from the manner in which they interact between parties”. They were left feeling like they were in “excellent hands” at all times.

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