Cornerstone secures largest bridging funding deal
Cornerstone Capital has closed a £500,000 bridging deal – the largest deal it has ever secured.
Whilst bridging loans soared in 2021 as people looked to take advantage of the stamp duty holiday before it ended, Cornerstone Capital too reported an increase in securing short-term lending loans to property developers and private investors across the UK.
This latest £500,000 bridging loan was secured by co-owner of a holiday cottage in North Cornwall, Christopher Allen, who sought to pursue sole ownership of the property which had been in the family since 1954.
With family agreement reached early last year and the payment deferred for 12 months, Christopher was working to a February 2022 deadline to secure funding and seal the deal. Whilst asset sales were expected to fund the transaction initially, Christopher encountered delays and had to look at alternative short-term bridging finance.
As a result of the property’s complex ownership structure and limited lender appetite, Christopher was introduced to Ian Pottle, Cornerstone’s Head of Complex Funding, by Phil Taylor at Ducketts Trusted Advisors.
Through his extensive network within the commercial sector, Ian obtained the required funding, but with the funder pulling out with just weeks to go, Ian had to work quickly to source alternative funds.
Ian worked directly with Cornerstone Capital, part of the Cornerstone Finance Group, and successfully secured the required bridging loan within three days, with the deal completing ten days ahead of the ultimate deadline.
Ian Pottle, Head of Complex Funding at Cornerstone Commercial Finance, said:
“Although the hurdles we encountered brought challenges, our access to Cornerstone Capital, coupled with the efficiency of our clients’ advisers and solicitors, allowed us to complete the deal ahead of schedule.”
Haydn Thomas, Chief Executive Officer for Cornerstone Capital, added:
“We are delighted to have supported this quality client with Cornerstone Capital’s largest loan to date.
“We were able to make the right credit decision and negotiate a complex situation at pace. This case is a prime example of what Cornerstone Capital is all about – speed, flexibility and quality service at a competitive price.”
Christopher Allen, Owner of the cottage in North Cornwall, commented:
“After a stressful few months it was reassuring to have Ian and the team behind us to find a bridging solution so that we could buy our cottage within the tight timescales.”
Cornerstone Capital Finance Limited, a privately funded commercial lender, offer short-term lending loans to property developers and private investors.
Cornerstone Capital, part of The Cornerstone Finance Group, seeks to unlock the potential for Welsh professionals through property improvements and investment, and will focus on a gap in the Welsh market. They will be advancing short-term bridging loans ranging between £25k and £500k, with funds made available within 30 days of application.