Borro partners with Creative Commercial Funding to refinance a £2.9m second charge bridge

 In Bridging Finance, Second Charge

Borro has worked with Creative Commercial Funding to complete a £2.9m refinance of a second charge bridge against a property in Holland Park worth £10m. Aidan Tiernan, Managing Director of Creative Commercial Funding, turned to Borro after other lenders turned the deal down.

The client was facing a tight deadline, but fortunately, the previous lender had valued the property before pulling out, which allowed Borro to approach the previous surveyor for a re-type. However, Borro’s request was turned down.

Claire Barrington-Jones, Director of Sales at Borro, said: “Although the surveyors were well within their rights to refuse, it added an extra step to the process for our client.” Borro, however, were able to find a solution and a surveyor from its own panel was chosen. The surveyor was at the property the following morning and gave verbal feedback in the afternoon, along with a full, written report in less than 24 hours.

“Finding fast solutions is a key part of our offering,” Claire added. “We make sure we have partners that move as quickly for our clients as we do ourselves.” Creative Commercial Funding helped Borro achieve the completion as it worked with the lender’s underwriting team to ensure all the information was packaged.

“Harriet [Smith] and the Borro team made themselves available 24/7 from start to finish,” added Aidan.

“It was great working with a team equally dedicated to meeting tight deadlines and surpassing client expectations.”

Steve Brennan, Director of Property Lending at Borro, added: “In my experience when you have time sensitive situations and external issues, one of the best ways to keep things moving forward is meeting the client personally.

“It gives the client comfort, and it allows you as the lender to understand the case in a way that you can’t from just paperwork.”

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