Omni Capital and Brightstar complete £5m bridging loan
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Omni Capital and Brightstar Financial have completed one of the largest ever second charge bridging loans, valued at £5m.
The deal had an LTV of 72%, with a 24-month term loan and is secured on two high-end period properties located in prime central London postcodes.
The firms say 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.
Rob Jupp, managing director of Brightstar Financial, says: “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, says: “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.”
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