Christmas bridge saves soccer star

Published on

football-sky

A premier league footballer has been saved from bankruptcy proceedings by Bespoke Bridging Finance.

In the run up to Christmas, HMRC placed a bankruptcy petition notice on the unnamed footballer’s properties. He had one month to pay or be made bankrupt. His problem in raising the finance was that although his net equity in the properties was substantial the LTVs were between 76% and 85%. Unsecured creditors amounted to in excess of £750,000 and in addition he had a number of unsatisfied CCJs.


Repayment of the bridge was via a 50% sale of a piece of green belt land  upon which a planning application had been made for leisure uses. A potential joint venture partner had taken a positive outlook on the planning and agreed to purchase the land but could not complete for at least another two months.



Lee Selbo, managing director and head of the consultancy division of Bespoke Bridging Finance, said: “This was quite a desperate situation for the client. Bankruptcy would have made front page news. If his potential purchaser got wind of the fact that the client could be made bankrupt they would have delayed their purchase and many years work assembling the site and grounds for change of use would have come to nothing. With four young children, a wife, an ex-wife and other family members to support, the family Christmas was not going to be filled with jolly family times.



“However, within 24 hours BBF had devised a strategy and structure to save the day. The client and his solicitor acted in accordance with BBF’s instructions. The Revenue responded positively and as BBF could fund the loan themselves all deadlines could be met.”

Because of the structure BBF devised other funding opportunities were then available to the client.



Selbo added: “We may not be the biggest but we punch way above our weight and are amongst the best at what we do. Our consultancy division, Bespoke Business Finance and Consultancy, have come up trumps again.

“Being able to devise alternative strategies and structures not apparent to others is our speciality. BBF are able to not only quickly devise these strategies but have the funding to execute them. The majority of bridging companies are not in a position to sanction loans of this type and cannot usually get their heads around how the strategy and structure can be executed.

“We are confident of finding solutions to difficult funding problems and welcome enquiries from the introducer network.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Rental prices hold steady as supply edges higher, Propertymark finds

Average rents agreed across the UK remained broadly flat in 2025, despite a rise...

Lloyds data points to shifting housing hot spots as regional markets diverge

The South West city of Plymouth topped Lloyds’ latest ranking of housing hot spots,...

Westminster and London dominate list of most expensive areas for first-time buyers

A new study has identified where first-time buyers paid the highest prices for their...

Fixed rates dominate as first-time buyers drive activity in 2025

The UK mortgage market in 2025 was shaped by falling rates towards year-end, a...

The Wealthy Advisers Club passes 750 members and secures CPD accreditation

The Wealthy Advisers Club has reached 750 adviser members less than a year after...

Latest publication

Other news

2026 forecasts: More pessimism or will the housing market strengthen?

Throughout 2025 many in the housing industry, both lenders and builders cast serious doubt...

Rental prices hold steady as supply edges higher, Propertymark finds

Average rents agreed across the UK remained broadly flat in 2025, despite a rise...

Lloyds data points to shifting housing hot spots as regional markets diverge

The South West city of Plymouth topped Lloyds’ latest ranking of housing hot spots,...