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Bridging loan for help in discharging a bankruptcy:
The client was facing a petition to be made bankrupt by the Inland Revenue. He owned 2 properties, one commercial, one residential, both mortgaged.
A bridging loan of £45,000 was required to settle the debts under the petition and to clear the client’s arrears with the mortgage companies.
A settlement figure was obtained for the petition, consent was obtained for second charges on each property, using the bridging loan the client’s solicitor was put in funds in order that an application could be made to the courts to settle debts under the petition.
Upon receipt of the sealed order from the court, the legal team liaised with the client’s solicitor to complete the transaction.
Bridging loan to fund stock:
A client who specialises in importing and selling second hand cars from China required funds urgently to finance an order.
He owned a property worth £159,000 with no mortgage and a bridging loan of £50,000 was provided in just 2 days.
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YOUR HOME OR BUSINESS MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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