Rikvin Capital takes over existing loan at a lower interest rate
- Client had existing loan with a UK bridging company and had defaulted on its monthly repayments due to short term financial issues.
- The client approached us when the bridging loan company was about to auction off the property.
- Rikvin Capital evaluated the situation and acted swiftly to pay off the bridging loan company and take over the existing loan.
- Rikvin Capital permitted the client with some breathing space to resolve its short term financial issues before resuming the monthly interest repayments.
- Rikvin Capital was able to offer a loan of £840,000 against a valuation of £1,050,000.
- The loan was secured against a residential property with a loan to value (LTV) of 80% for a period of twelve months.
Read about a bridge financing used to purchase a commercial property in Glasgow here.
Are you looking for a way to refinance your existing loan?
Rikvin Capital is experienced with refinancing and can make your process simple. Contact us to find out more.