Exploring the intricacies of bridging financing through a recent loan completion.
- A £244,000 bridging loan was completed by Norton Broker Services to aid a property conversion.
- The client, a 63-year-old, required funds for a semi-commercial to residential property conversion.
- StreamBank collaborated with Norton to secure a 75% LTV loan at 0.86% interest rate.
- Timely funding was crucial due to the property’s conversion status and existing mortgages.
Norton Broker Services has successfully executed a bridging loan amounting to £244,000, aiming to facilitate a client’s property conversion. This strategic financial move underscores the intricate nature of bridging loans which are typically utilised to bridge a gap in funding during property transactions. The client, aged 63, was in the midst of converting a semi-commercial property into a residential space, a process that required specific financial intervention due to its complexity.
The client’s situation was further complicated by the necessity to clear two existing mortgages held at different banking institutions. This financial strategy was essential to ensure the continuation of the property conversion without disruption, highlighting the critical role of bridging loans in such scenarios. Existing planning permission had already been secured, signifying the client’s commitment to the project’s progression.
Recognising the urgent financial requirements, Norton Broker Services engaged StreamBank to facilitate a 75% loan-to-value bridging loan, carrying an interest rate of 0.86%. This provided the necessary liquidity to settle outstanding debts and propel the conversion process forward, thereby maintaining the project’s timeline. The urgency was particularly exacerbated by the property’s transitional status from commercial to residential, necessitating rapid financial solutions.
Direct quotes from industry professionals further illuminate the effectiveness of this operation. Jimmy Allen from Norton Broker Services articulated their approach, saying: “By working closely with StreamBank, we quickly secured the funding our client needed at a crucial stage in their project, showcasing how we eliminate obstacles and keep things progressing smoothly for our clients.” Similarly, Jamie Smith of StreamBank reflected on the deal’s success: “This deal is an example of StreamBank’s ability to deliver solutions for customers effectively and efficiently, allowing the client to keep their development works moving without interruption.”
This collaboration between Norton Broker Services and StreamBank exemplifies the crucial role financial institutions play in resolving complex property conversion challenges, ensuring that clients endure minimal obstacles and adhere to critical timelines.
The successful loan completion demonstrates the indispensable role of strategic financial partnerships in complex property transactions.
