Beyond the placement.
Held together across a CCJ, a Land Registry delay and shifting security.
A husband and wife came to us with an expired bridging loan in default, a CCJ, two investment flats that didn’t quite stack up as security, and multiple lenders that had already declined the case. On paper, the file was as complex as they get. What made the difference wasn’t finding a lender who could handle it. It was staying involved at every stage that followed.
The Setup
The original exit strategy had failed. An investment the borrower had expected to mature didn’t materialise, leaving the existing bridge in default, with interest accruing. The clients wanted to refinance using two investment flats they owned. The maths didn’t work: both flats already carried first charges elsewhere, so the equity wasn’t enough. The wife also had a CCJ registered against her, relating to an identity fraud dispute, which further tightened lender appetite. Several bridging lenders had already declined the file.
The Restructure
The route that worked came from restructuring the security package. Rather than continuing to rely on the two flats, we found that the clients’ main residence could be valued higher than expected. We ran our own desktop valuation review before the clients committed to the cost of a full survey, so they went into the valuation with confidence rather than crossing their fingers. The final structure took a second charge over the main residence plus equitable charges over both investment flats, with the sale of the flats as the agreed exit.
Where the real work started
Placing the case was the beginning of the actual work. Second-charge consent from the existing mortgage lender took weeks to arrive and had to be reissued more than once when the wording came back incorrect. The solicitor the clients had chosen didn’t appear to fully understand bridging finance, causing repeated legal enquiries and delays. The insurance policy wording had to be corrected. Indemnity insurance was required for previously carried out building works. And the CCJ lender submitted an application at HM Land Registry to register a charge against the main residence, which the new bridge lender wasn’t willing to sit behind. That alone took around a month to resolve and required the CCJ debt to be repaid to clear the way.
The Result
Through all of that, we stayed in the middle. Chasing consent, reviewing wording, explaining lender requirements to the clients, coordinating between introducer, bridge lender, existing lender and solicitors, and keeping the original bridge lender comfortable with the runway to completion. The final result was a £308,497 second-charge bridging loan over 12 months, secured against the main residence with equitable charges over the two investment flats, structured to give the clients time to sell and repay through the agreed exit. Across bridging and development finance, buy-to-let and the wider specialist book, this is the kind of case that only completes if someone stays actively involved. Get in touch if you have one that needs holding together.
Kam, Lending Manager, Credco
“Placing the deal is the start of a broker’s job, not the end. The real work is keeping every party pointing in the same direction through the messier parts. That’s what determines whether the deal actually completes.”