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Three high-profile international artists had exchanged contracts on the acquisition of a vacant building in East London for £3,500,000. They planned to convert it into three separate art studios, one for each of them.
One of the artists had a £700,000 shortfall and funds were required within two weeks so that they could complete the purchase.
A commercial bridging loan was arranged at 0.5% per month within the required timescales despite two of the artists being abroad for the duration of the application process.
A refinance was subsequently arranged for a commercial term mortgage on a product with no early redemption penalties, allowing the loan to subsequently be cleared from the sale of their works.
Disclaimer: This information is general in nature and does not constitute legal, tax or investment advice.