Deal completed, much to relief of the client.

Restore were recently contacted by a borrower who had two bridging loans with one lender. Both loans were reaching the end of their terms and redemption figures for both loans were requested, received and were valid until the end of the term. We made all parties aware that the penalties in default could be high and everyone was working towards completion before default day. Unfortunately, time was against us and the borrower went into default.

When we were ready to complete, a few days later, we requested a new redemption figure. The first loan, which was originally for 12 months, was increased by 21% and the second, a month loan, was increased by 12.25%.

The lender had been able to go back to the start of the loan and change an extra 1.75% per month.

The client was devastated.

We approached the lender and negotiated a deal and managed to half the extra cost and we got the deal completed, much to relief of the client.

It's never to soon to contact the team at Restore. We can chat and if need be diarise to contact you when we need to start looking at a new deal.