The short-term loan, secured against a residential investment property, has provided the funding required for repayment of an existing loan facility at a material beneficial discount to the borrower.
The borrower’s mortgage facility on the property had expired, and they wanted to sell the property, but needed to deliver the bank settlement and earn the discount firstly in order to maximise their equity profit on subsequent sale. A 20% discount of the existing debt was agreed and earned.
The Quantum team at Bridgebank Capital worked closely with Adapt Finance; the introducer of the case, the borrower and legal teams to ensure that the timescales determined by the settlement were adhered to, and completion was finalised within 13 working days from enquiry to drawdown of the loan.
Dean Linklater of Bridgebank Capital, said: “The Bridgebank Capital Group have a robust working relationship with the introducing broker on this case, which facilitated the processing of the case within the limited timescales demanded.
Debt forgiveness settlements such as this can be extremely beneficial, and provide significant upside opportunities for Investors.”
Mark McBriar of Adapt finance added: “We pride ourselves on delivering the right solution for our clients needs, whatever their circumstances. Thankfully Bridgebank have the same ethics resulting in our client successfully refinancing his property within rigid timescales set by his existing Bank who were putting him under severe pressure”.
