Kuflink completed a commercial bridging loan to help a broker and their client buy a vacant pub after another lender withdrew.
The client wanted to finalise the purchase before the Stamp Duty deadline.
Kuflink used desktop valuations and indemnity insurance to speed up the conveyancing, allowing the deal to complete in three weeks from the first enquiry.
Kuflink funded 100% of the £903,720 purchase price and fees by taking charges over both the pub and a restaurant the client already owned.
Using its high loan-to-value (LTV) commercial bridging product, Kuflink took both properties as security, resulting in a total LTV of 66% against combined valuations.
Mikie Butcher, business development manager at Kuflink, said: “When the original lender pulled out because they insisted on full valuations, the clients’ adviser came to us.
“Thinking outside the box has always been a hallmark of Kuflink’s philosophy to find the right lending solutions and in this case, by taking a charge on both properties and the judicious use of desktop valuations and indemnity insurance to speed up the conveyancing process, Kuflink was able to complete this case in record time.”
