Refinancing from a Bridging Lender still out of the market due to Covid-19

The incumbent funder had been significantly hit by the dreaded Covid-19 and, therefore, would not extend a facility.

The Client required a quick turnaround due to the end of the current facility being three weeks away - requiring a £750k facility.

Momentum was able to pull a large amount of due diligence together in a short space of time.

Momentum was also able to complete the transaction without new valuations on the two subject security properties.

The refinance happened in time, which meant the Client did not accrue default / additional fees.

The Client has since accepted an offer on one of the properties, which will see a 50% reduction in Momentums facility without penalty.

The Client was so impressed by the speed and tenacity of Momentum; they are now able to concentrate on their core business.