21Finance provides finance to stop repossession

Kent-based specialist finance broker 21Finance has successfully completed a mortgage for a broker client, whose commercial and residential property was due to be repossessed.

The mixed use property included a plot for the building of nine flats, and was due to be repossessed on behalf of a lender that held a first charge of £1.3m against the property.

The existing lender arranged for the property to go to auction due to receivership which had in turn reduced its valuation down to £390,000 with no chance of a fair sale value.

21Finance found a specialist lender to provide finance within 10 business days on a second charge on one property and a first charge on another property owned by the client.

Ranjit Narwal, head of originations, said: “21Finance was able to help this particular client because of its expertise, not only in securing the right finance but because of our ability to liaise with all the parties involved including, in this case, the receivers, both sets of lenders and their solicitors.”

He added: “It is not difficult to know likely lenders but only a firm with 21Finance’s depth of knowledge and commitment to getting the deal over the line was going to save these clients from a very bad outcome.”