The client was a successful musician who was coming to the end of the term on a loan facility and needed to refinance quickly to avoid being stung with large penalties.
Hope Capital has completed a £4.5m bridging loan – the lender’s largest to date.
The client was a successful musician coming to the end of the term on a loan facility who needed to refinance quickly to avoid being stung with large penalties.
He also needed working capital for a new business he had set up.
The loan was securitised with a trading golf course with significant leisure and tourism development potential, plus further significant assets owned by the borrower.
Jonathan Sealey (pictured), chief executive officer of Hope Capital, said: “After the broker had tried several sources, all of whom declined the proposal due to the security, we took on the case due to our experience and knowledge in more quirky and unusual deals.”
“This case highlights the benefits of our service proposition and how we continue to look at the individual circumstances of the client and their portfolio.
“This approach allowed us to achieve a positive outcome for the client who was able to repay his private investors, provide capital for his new business venture and repay his existing loan on time, without incurring any punitive fees.
“With the additional security the borrower offered, we were more than comfortable with this size of loan due to the reduced overall loan-to-value.”
Hope Capital’s previous largest loan was a £3.9m loan on a student residential scheme in Stoke on Trent in July 2016.
