Pure Commercial Finance Secures £2.5m Second Charge Bridging Loan Within Just 3 Working Days
Commercial brokerage breaks records with speedy funding when previous lender pulls out of multi-million-pound deal last minute.
Pure Commercial Finance, the Cardiff-based brokerage, recently saved a multimillion-pound development by sourcing £2.5m of funding in just three days.
The client, an experienced property developer who wishes to remain anonymous, had a large site with planning permission for multiple homes. An existing lender had taken a charge out on the land to fund the project up to that point, but further finance was needed to complete the job to the developer’s high-quality standards.
This finance was secured, but even though loan documents had already been issued, the lender pulled out at the last minute.
The developer was blindsided and needed £2.5m of funding in days to prevent the development...