An eight-day legal completion secures bridging finance in a race against the clock
With just a three-week window from finance being agreed to secure the purchase of a commercial unit, Mason Thomas Law pulled out all the stops to ensure their client Bridge Help was able to do the time-sensitive bridging loan deal.
Liaising with the buyer’s solicitors, in just eight days from receipt of replies to enquiries, Mason Thomas Law completed all the legal work required to secure the finance on a commercial unit at Evolution – Wynyard Business Park in Stockton-on-Tees.
It was a race to the finish line for all concerned as the buyer sought to realise a purchase-based option agreement which they had originally secured on the unit three years earlier. An increase in market value in the intervening years meant the purchase at the original agreed price could not be missed.
Alongside the agreement for the bridging loan for the building purchase, Cathy Thomas, Director and Solicitor at Mason Thomas Law, also oversaw a separate legal agreement for a short-term VAT loan to the buyer from Bridge Help.
Saam Lowni, founder and Managing Director of Merryoaks Property Finance who brokered the deal with Bridge Help on behalf of his client praised Cathy saying, “Mason Thomas Law had the experience and skills to get the transaction done for all parties in a short time frame. My client was incredibly happy and that was absolutely the most important thing for me.”
Cathy Thomas added: “Bridging finance is a fast-paced environment but this deal was an exception, even for Bridge Help. Ensuring all legal parties got to the finish line on time involved a lot of communication. The fact that my team and I take a flexible, fresh approach to commercial property transactions gave everyone concerned confidence that we would achieve the best possible outcome for both the buyer and Bridge Help.”
If you’re looking to acquire a commercial property or secure short term finance, Mason Thomas Law’s specialist team can help. Speak to a member of the team today on 0114 294 5360.