Clever Lending, the specialist finance packager and master broker, has completed a £24,000 second charge bridging facility which completed within three days of the initial enquiry.

The customer approached Clever Lending directly in the afternoon of 15th August. He was raising funds for business purposes on an investment property with a second charge lender. However, he was struggling to overcome various issues with the lender and assorted legal matters, all the while needing to have the funds by 18th August.

Clever Lending discussed the case with bridging lender, Holme Finance Bridging Solutions, which agreed to provide a second charge loan without needing consent from the first charge lender.

The property valuation that had been carried out by the second charge lender who the client had previously been dealing with was accepted and Clever Lending packaged the case the same day.

The lender approved the offer on 16th August and met the client on the following day to finalise the application, with the case completing on 18th August to meet the customer’s tight deadline.

The net bridging loan was for £24,000 against the property valuation of £220,000. The total loan to value (LTV) with the first charge included was 60%.

Steve Sanderson (pictured), commercial and bridging specialist at Clever Lending, said: “This case came with an extremely tight deadline but it did not put us off. We knew that Holme Finance Bridging Solutions would consider a second charge application without the first charge lender’s consent and so worked closely with them to ensure we could package the case as soon as possible.

“The case completed on schedule because the parties involved were committed to making it happen, including the customer, who was very responsive.”

Dan Yendall-Collings, senior underwriter, Holme Finance Bridging Solutions, added: “We have had a close working relationship with Steve Sanderson at Clever Lending for many years. Steve has a great deal of experience and expertise in identifying where our lending offering is a good match for his client’s individual set of circumstances. The quality of his packaging means that we have a very strong completion ratio with his cases’ successfully paying out within a matter of days.”