Utilising desktop Valuations and Dual Representation from our Panel Solicitors, Farleys LLP, Seneca Bridging successfully completed a Refinance Bridge within 4 days of credit approval.
The Introducer, Chris Wilcox of Angel Property Finance, was key to bringing this deal together, working closely with both Seneca and its Solicitors to achieve a timely completion. Due to the speedy turnaround of the Facility, the Borrower avoided imminent penalty fees with their existing Lender.
Legals have already been instructed on the Borrowers next case with Seneca and we are thrilled to be working with both the client and Broker again so soon.
- Fast Decisions: Initial responses typically delivered within hours—perfect for time-sensitive situations like auction purchases.
- Loan Size: £100,000 – £2.5 million.
- Loan-to-Value (LTV): Up to 75% of the end value (Gross Development Value or market value), with flexibility available on a case-by-case basis.
- Desktop valuations are available
- Term: Usually up to 12 months, but occasionally longer if LTV can support it.
- Interest Roll-Up: Interest can be “rolled up” and repaid at exit, easing cash-flow pressure during the loan term.
- Interest Serviced: Interest can also be “serviced” allowing a larger day 1 cash drawdown (subject to serviceability).
- Exit Strategy Required: Clear repayment strategy—such as sale or refinance—must be established at the outset.
- Security: First legal charge on the property is required.
- Transparent Costs: Arrangement fees typically start at 1%. No early repayment or exit fees, and no hidden admin charges.
- Unregulated Product: these Bridging loans are not FCA-regulated, they are not available for owner-occupied residential properties.