We received a call from an accountant in Bedford to see if we could assist a client of his who was looking for some working capital. The client was in the construction industry and had had an extremely profitable year in 2017, but had found 2018 a struggle due to his clients’ having planning approval issues. Things were looking really positive for 2019 as new highly profitable tenders had been successfully agreed and his main developer was looking like attaining approval on a large development. However cash flow was getting tight and unfortunately the company’s latest set of accounts was showing a loss for the current year. The client had two investment properties which only had relatively small mortgages secured against them. A 24 month serviced bridging loan for £250,000 was arranged against the two investment properties. At the end of the term we will look to refinance and consolidate the existing buy to let mortgages and the bridging loan.
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