Kuflink was approached by a restauranteur, who is also a landlord with a complex Bridging Loan request. The client had bought a fish and chip shop and required funds to purchase stock, as well as refurbish the shop. Without the finance the client wouldn’t have been able to get his business up and running and the clock was ticking for him.
The client had a buy-to-let property located in Greater London over which we were able to take a Second Charge. As there was plenty of equity in the property, we were able to provide funding for the client in just over three weeks. This enabled the client to refurbish and stock his shop and commence trading. The client’s exit strategy is to arrange long-term finance with a mainstream lender.
Funds required: £113,500
Time taken to complete: Just over three weeks
Loan duration: 12 months
Security: Buy-to-let three-bedroom semi-detached freehold property in Greater London
Charge: 2nd Charge
90 Day Valuation: £427,000
The client needed to get his business up and running as quickly as possible, and he knew that Kuflink’s bridging loans have provided a solution for lots of people in similar situations.