Glenhawk has completed a £1.9m regulated bridging loan to refinance existing debt on a converted barn in Watford while its owner seeks a buyer.
The facility, agreed at 66% LTV, repaid both a first and second charge secured against the residential property.
The second charge had been used to finance a substantial refurbishment of the barn, which was already being marketed for sale when the borrower approached Glenhawk.
The new facility gives the borrower additional time to sell the property rather than pursue a faster disposal. Glenhawk said the borrower is continuing to market the barn at an asking price above its valuation.
SALES BRIDGE DEMAND
The case was introduced by Paul Lefevre, director at Happy Brokers, and originated by Ryan Brewer, business development manager at Glenhawk. Ruth Griggs, underwriter, and Rhiannon Kenny, case manager, handled the transaction through to completion.
Brewer (pictured) says: “In a market typified by a lack of confidence and a slower sale pace, we are seeing an increase in sales bridges where borrowers need more time to market and sell their properties.
“Whether we’re refinancing a development loan, a residential mortgage or, as in this case, a combination of a 1st and a 2nd charge, we can often help give borrowers the breathing space they need.”
Lefevre adds: “Glenhawk were excellent to work with on this complicated regulated refinance. On larger and more complex transactions, communication, flexibility and certainty of delivery are absolutely key, and the team were pragmatic and responsive throughout.
“They worked closely with us from application through to completion and helped ensure the transaction progressed smoothly. It was a great result for the client and another positive experience working with Glenhawk.”
