Rescued in the nick of time – an extraordinary re-bridge success story
In the dynamic world of bridging loans challenges often arise, and timely action becomes crucial to turning the tide and, effectively, the success of a deal.
One such remarkable case involved a residential investment property in Cheshire. The property was perilously close to being sold at auction when short-term bridging finance company, Bridge Help stepped in. Mason Thomas Law Limited, Bridge Help’s lawyers worked tirelessly to ensure that the legal documentation and due diligence was completed in time, and ultimately were able to secure a successful re-bridge with just minutes to spare, resulting in a happy borrower and broker.
Phil Adshead, a broker at TMC Commercial Finance who arranged the re-bridge for his client, praised Cathy saying: “Huge thanks must go to Cathy at Mason Thomas Law, who pulled out all the stops, this would not have got there without her tenacity and professionalism.”
Having previously worked with the borrower, successfully completing a deal for them in 2019, the borrower now found themselves in a dire situation. Their current lender had taken possession of the property and listed it at auction.
A further challenge arose when the property valuation fell short of the necessary threshold, putting the entire deal in jeopardy. However, Bridge Help agreed to accept an additional property as security, thus bridging the valuation gap.
Then the real work began. With complete open lines of communication (email and telephone) between us, Bridge Help and the client, we literally worked day and night to ensure the deal got over the line. And it did with just 15 minutes to spare before the auction commenced.
Phil said of Mason Thomas Law and Bridge Help’s teamwork; “Never in my 32 years in this business have I ever experienced, such kindness and caring from any other lender. You all certainly pulled out all stops and got us there just in time, I will make sure I tell everyone I know in this industry this story.”
Cathy Thomas, Director and Solicitor at Mason Thomas Law added; “This property deal was certainly a race against time like no other! There appeared to be hurdle, after hurdle but we were determined to help our client and save the borrower’s property from imminent loss. I believe this successful transaction showcases the power of collaboration and care when working with property and bridging finance experts.”
If you need assistance with a complex property transaction, look no further than Mason Thomas Law Limited. Contact the property law specialists today on 0114 294 5360.