The client’s loan was coming to an end. The security property was under refurbishment but due to some unexpected financial issues the client had run out of funds required to complete the works. Their existing lender was not willing to provide an extension and as a result they were urgently looking to sell the property to redeem the outstanding loan in order to avoid additional charges and potential appointment of receivers.
We were approached by their broker and agreed to refinance the existing loan and provide the funds to complete the refurbishment by taking a charge on another property without a valuation report. Within a few days we were able to provide the required funds to meet the deadline for redeeming the loan, finalise the works to complete the property and have enough time to sell at the desired value.