Case study: Alternative Bridging Corporation provides £560,000 light-refurb loan for residential project in London

The property in Barnet, north London, had planning permission for a change of use from a clinic to a three-bedroom residential family home.

Related topics:  Finance,  Refurbishment,  Case Study
Property | Reporter
8th July 2024
Taylor Osunsedo - Alternative Bridging Corporation 823
"It's rewarding to see how our proactive approach enabled the borrower to proceed with their project without any unnecessary delays. Their satisfaction is a testament to our commitment to delivering exceptional service, no matter the challenges we face"
- Taylor Osunsedo - Alternative Bridging Corporation

Alternative Bridging Corporation has provided a £560,000 light refurbishment loan for a property owner in Barnet, demonstrating the specialist lender’s commitment to delivering quick and reliable financing solutions.

The client was in need of a swift financial solution following the withdrawal of their original lender at the last minute. The client required urgent finance for both the purchase and light refurbishment of the property.

The team at Alternative Bridging moved quickly to step in and provide a funding solution. Due to the tight timeline, the lender reused the existing property valuation and implemented a streamlined loan approval process to meet the strict deadline.

On day one, legal procedures were instructed while simultaneously readdressing the existing property valuation from the previous lender.

The borrower’s exit strategy was the sale of the property post-refurbishment. Leveraging the team's expertise and streamlined processes, loan approval was secured in just five working days.

Taylor Osunsedo, (pictured) BDM, Alternative Bridging Corporation, commented: “The primary focus for myself and the team was meeting the borrower's needs and expectations. We recognised the urgency of their situation and ensured the process started quickly and that each element was managed efficiently. The team worked hard to meet the deadlines and the client’s expectations.

“It's rewarding to see how our proactive approach enabled the borrower to proceed with their project without any unnecessary delays. Their satisfaction is a testament to our commitment to delivering exceptional service, no matter the challenges we face.

“I'd like to extend my appreciation to the Case Manager, Divya Patel, and Underwriter, Robert Seymour, for their efforts on this case. Their hard work was instrumental in finalising the deal in just five working days. A special thank you also to Lawrence Stephens and Asserson Law Offices for their dedicated contributions in ensuring the successful and prompt completion of this deal.”

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