Refinance of large part-completed refurb
The stats
The deal
Our clients ran out of time on their current bridge, which was taken out to fully refurbish a large property in Scotland. They were unable to finish all the works in time, with about 10-15% of the work left to be done. FBSE refinanced their existing bridge to avoid heavy default fees.
The challenge
The property was a very large, partially complete heavy refurbishment in Scotland. Time to complete was also important as their existing loan had just run over and heavy default charges were going to add up quickly.
The outcome
We managed to fund the deal quickly by working with all partners and the borrowers to allow them to finish the build. The introducing broker, Stuart Dunn from Clementine Financial said:
We had been let down by one of our lending partners leaving our clients in need of urgent funding. FBSE proved to be superb in terms of both solution and communication; our clients and we, felt reassured throughout the process and being able to discuss the complexities of both credit history and property use directly with David at FBSE proved invaluable in this instance and we were impressed by their 'can do' flexible approach. Funding was arranged quickly and we would highly recommend FBSE, Clementine Financial are absolutely delighted with David and the FBSE team. We could not be happier that we were able to get the clients more time to finish their amazing project.