One of our commercial clients needed to refinance one of their properties, at short notice to avoid repossession proceedings by their current lender. The refinance product was a bridging loan and we were instructed to proceed at haste, in order to meet a short, concrete deadline.
Security for the bridging loan comprised a legal charge on the property to be refinanced, a debenture against the company’s assets and goodwill, and a personal guarantee to be given by the company’s director.
Matters were complicated because our director client was travelling overseas at the time and so we needed to work around differing time zones throughout the transaction.
To prevent a disastrous outcome, we diligently liaised with the current lender and successfully negotiated an extension of time. We maintained consistent correspondence with all parties throughout the transaction, which resulted in the current lender agreeing to delay legal action. This allowed us to complete the bridging loan, avoid repossession proceedings and achieve a satisfactory outcome for all involved.
How can we help you?
If you need to refinance commercial property assets or secure a bridging loan and you need the matter turning around in a quick and efficient manner, our experienced commercial property solicitors can assist.
