Norton Broker Services has successfully completed a £244,000 bridging loan, facilitating a mid-conversion property transition.
- The client, a seasoned 63-year-old property owner, sought to transform a semi-commercial space into a residential property.
- Aiming to consolidate two existing mortgages, he faced the challenge of meeting stringent lending criteria.
- StreamBank provided a 75% LTV bridging loan at a competitive 0.86% interest rate.
- Collaborative efforts between Norton and StreamBank ensured timely funding, maintaining project momentum.
Norton Broker Services has played a pivotal role in delivering a £244,000 bridging loan essential for a client’s property conversion. The client, a 63-year-old property owner, was in the process of converting a semi-commercial property into a fully residential dwelling. This transformation was backed by secured planning permission. To achieve this, he needed to address two existing debts held with separate banks, adding complexity to the financial restructuring.
The urgency of the project stemmed from a critical deadline that required manoeuvring through intricate lending criteria due to the property’s shift from commercial to residential use. The need for timely access to funds was paramount, highlighting the importance of securing appropriate financial support to prevent delays in the conversion’s progress.
Norton Broker Services facilitated the client’s financial requirements by engaging with StreamBank. Together, they secured a 75% loan-to-value (LTV) bridging loan with a highly competitive interest rate of 0.86%. This strategic financial solution enabled the client to clear existing financial charges and focus on completing the property conversion promptly, ensuring the project stayed on track.
Jimmy Allen, broker account manager at Norton Broker Services, expressed satisfaction with their collaboration, stating, “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.” His statement underscores the effectiveness of Norton’s approach in managing complex financial scenarios for their clients.
Similarly, Jamie Smith from StreamBank reflected positively on the process, noting that the collaboration exemplified StreamBank’s capability to deliver efficient solutions for customers. He remarked, “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.” Such endorsements from both parties involved depict a seamless financial transaction that met the client’s needs expertly.
The successful facilitation of the bridging loan by Norton Broker Services illustrates their proficiency in enabling complex property conversions within stringent timelines.
