Our client required a bridging loan of £400,000 to repay the existing lender on a large commercial unit in Harrow, London. Our client was under tight time pressure to repay the existing lender.
The deal was complicated by a small portion of the wider property being unregistered land which was discovered during the early stage of the legal process. The firms of solicitors involved were pragmatic in identifying and dealing with the tricky legal issues ahead of Seneca’s valuation being received. Although the security was down-valued, this did not prevent Seneca from supporting the deal.
Within a few short weeks of introduction, the funds were released and the refinance was completed.