Urgent Bridging Loan
The year 2021 has flown by, and for many, looming deadlines for refinancing or settlement of property purchase, have come around much sooner than anticipated.
Last week one of our long term broker referrers reached out to us with a client in this predicament and in need of a bridging loan.
His client was seeking urgent bridging finance to settle on the purchase of a property in Gymea Bay. It was only 3 days until settlement, and due to the typical red tape delays experienced by a mainstream Lender, he was concerned he’d lose out on this opportunity.
He was seeking a 2 month loan term to allow some breathing space until he received final approval from the bank.
Settlement was locked in within 48 hours. Secured Lending were able to provide a $1.88M facility, secured by a first mortgage security against Gymea Bay, and two residential units in Broadmeadows VIC.