Recently crowned Product of the Year at the B&C Awards 2023, our 48 Hour Rescue Bridge was created in October 2022 following the volatility created by government.
We noticed a huge increase in enquiries where borrower’s were having funds pulled on or before the day of drawdown, leaving them potentially in an incredibly vulnerable and costly position. Our product solved the issue – providing satisfactory legals and valuations, we will step in and complete your transaction within 48 hours, allowing the customer to complete their transaction on time; in the event the loan is to repay a debt, or complete an auction purchase, time can be incredibly important.
Lewis was driving out to Surrey on a Wednesday afternoon in the summer to play an evening golf match when the phone rings from an introducer with a client requiring £1.1m by Friday morning to pay a creditor.
The customer was offering up a derelict residential asset on a private estate in Surrey that they’d recently bought cash and planned on demolishing and developing. Lewis swung by the asset en-route to golf and met the customer on site, issuing terms and instructing legals at the scene.
Through some exceptional legal work, and many commercial decisions and condition subsequents agreed in order to meet the time frame, the borrower drew down on funds within the time frames. 6 weeks later we were redeemed via a larger Investec facility.
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