Our client, introduced to us by a UK mortgage broker, needed to raise £1.5m within 2 weeks to settle a dispute. He expected to be able to repay this loan within a short period of time however wasn’t 100% certain on timing. He is a wealthy, high-profile individual, resident outside of the UK.
We offered a two step approach which solved the immediate need and provided comfort in the short term to both the borrower and ourselves.
- 3 month loan, secured by way of an equitable charge over his UK buy to let property together with a personal guarantee.
- A 2 year bridge loan for £11m which, if the first part of the loan wasn’t repaid in time, would kick in to replace the current first charge lender, our equitable charge and interest and fees. The 2 year facility would give ample time to sell the property.
The first part of the loan completed within 2 weeks, part funded by Tenn and part by co-investors and was an excellent example of decisive credit, flexible funding and institutional grade execution.
The second part is credit backed and ready to complete at short notice and in doing so de-risked the first part of the transaction.
Fast, creative, high value short term lending for an international borrower delivered at pace to solve an immediate problem.