Case study 2
Product: First charge residential bridge
Security: Large residential investment property in Berkshire
Gross Loan: £1,300,000
Term: 6 months
Borrower Type: Individual with previous bankruptcy
Purpose: The borrower had both legal and tax bills outstanding. In addition to this, he was also looking to buy out his business partner from their business. Time was of the essence and he needed to do this before his investment property sold thus required bridging finance.
Exit: Sale of investment property
- The borrower had previously been made bankrupt, but Pivot decided sufficient time had passed and he had significantly rebuilt his wealth and recovered financially since then.
- Pivot took security over the investment property being sold as the exit - although it was under offer. There was also a condition, that if the offer in question were to be withdrawn that the property be placed back on the market immediately.