21Finance has come to the rescue of client whose commercial and residential property was due to be repossessed.

The mixed use property, which included a plot for the building of nine flats, was due to be repossessed on behalf of a lender who held a first charge of £1.3 million against the property. The existing lender had 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.

The Kent-based specialist finance broker was able to find 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 (pictured), 21Finance’s 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.

“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.”