Six
Months
SOUTH
EAST
CHALLENGE
- To
assist a borrower, the owner of a substantial unencumbered London hotel,
and facilitate the purchase an additional property in the city
- As
the security was the borrower’s operating five storey mid-terraced hotel,
and being a responsible lender, Mint Bridging had to be satisfied that the
hotel was ‘planning and fire regulations’ compliant
- From
our local search, it transpired that there was historical enforcement action
dating back quite some time which was still showing as open
- The bridging finance needed to be turned around within a short-time frame
APPROACH
- We
worked with the borrower to establish a solution, through the provision of
legal indemnity insurance. This would cover both the borrower and our investors,
in the event of any loss of value on the hotel property that would result
from commencement of enforcement
- We
managed the complexities of security within a Grade II listed building, in
addition to liaising with an off-shore borrower
RESULT
- The
finance was agreed and completed to schedule which enabled the borrower
to purchase the additional property
- Purchased
as a short-term investment opportunity being redeveloped and then
sold to enable the redemption of all outstanding
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