£2.6m Bridge for Austrian Ski Chalet
Getting a loan against a property abroad isn’t always straightforward, but we were able to secure a competitive bridge for this client. Find out more here.
Loan Size: £2.6m
Loan Type: Bridge
Security Type: Ski chalet
Term: 12 months
About the Deal
We were recently approached by a client who wanted to clear an existing second charge loan originally provided to assist with a legal issue. The client required a bridge loan to repay the existing lender and refinance onto longer term debt.
What makes this case different to other Pure Structured Finance case studies is that the property was a ski chalet in Austria!
The existing lender was demanding repayment ASAP and without a track record of letting out, due to travel restrictions and closure of ski resorts in the covid pandemic, the client was unable to refinance onto term debt.
We worked with the borrower to secure a bridge loan for full repayment to the existing lender and to give them 18 months to build a letting history which will enable them to refinance onto term debt at a later date.