Valued at £5 million, and exhibiting a loan-to-value of 72%, the 24-month term loan is secured on two high-end period properties located in prime central London postcodes.
The deal was introduced by an un-named broker to Essex-based specialist distributor Brightstar Financial Ltd. who placed it with specialist lender Omni Capital, to whose Preferred Partners panel Brightstar has recently been appointed.
A number of complexities were evident early on in the application process and demanded further investigation. These included unusual legal, title and tenancy issues. It also proved necessary to overcome the first mortgagee’s initial refusal to grant consent to Omni Capital’s proposed charge.
Working closely together, Brightstar and Omni Capital exhibited an exceptional degree of ‘packager-lender’ co-operation to resolve the logistical and technical difficulties presented by the case.
In doing so, they underscored the value of partnership and delivered a highly satisfactory outcome for the introducing broker and their client.
Rob Jupp, managing director of Brightstar Financial, said:
“This certainly wasn’t a straightforward case and needed significant involvement by all parties. Well done to Colin and all at Omni Capital for their delivery on this.”
Colin Sanders, chief executive officer of Omni Capital commented:
“This particular case is a text-book example of how the distribution chain can work to best effect. Through a combined and determined effort, significant obstacles were overcome with minimum fuss to achieve a positive result for all parties concerned.
“In our relatively modest way, Omni Capital is proud to be helping alleviate the serious liquidity problems faced by many deeply frustrated would-be borrowers.
"Since re-launching our lending proposition in September, we have seen a steady flow of high quality applications from key partners such as Brightstar.
"They receive our complete and considered attention to ensure a speedy and hassle-free completion. “I’d like to thank Rob and his excellent team for their continued and unstinting support and we look forward to taking our relationship onward to its next level."
