Norton Broker Services has secured a bridging loan worth £1,559,000 with Funding 365 for a foreign national residing in the UK, who needed to rebridge to a tight deadline.
Sonny Gosai (pictured) initially approached Funding 365 and discussed the deal with the lender’s directors, as well as underwriter Krisha Karunananthan.
The deal was offered at 0.84% per month and completed in 17 days, one day before the deadline.
The rebridge facility, secured against a detached house in Greater Manchester, had previously been rejected by other lenders, and gives the applicant the chance to sell the security for another 12 months.
Gosai, senior sales and development manager at Norton Group, said: “Securing the loan within a tight timeframe is a great outcome for the client as it has enabled them to avoid the significant penalties they would have incurred for failing to meet the deadline on their previous loan and also provides them with more time to sell the property.
“Given the fact that the client had been refused by a number of other lenders, this successful outcome shows how much can be achieved when lenders and brokers work closely together.”
Karunananthan, senior underwriter at Funding 365, added: “It’s always a pleasure to collaborate with Sonny and Norton Broker Services, especially when – as was the case with this loan – the borrower needs a truly bespoke bridging solution to a hard deadline.”
