Security: 2nd Charge to Repay a Bridge and Capital Raise on a High Value Property in London
Property Value: £1,300,000
Funding requirement: The client was provided with a 2nd charge facility of £480,000 (301,500 outstanding on first charge).
Summary: A high net worth client, a non UK national, needed to urgently repay another bridge he had taken out for business purposes as it was at the end of term. He also needed to raise some additional capital. The client was unable to exit their current bridge due to cash-flow difficulties. They had also amassed some arrears in the service charges and the management agent had started legal action.