How Kuflink helped brothers in need of finance after office refurbishment

Kuflink

Peer-to-peer lender Kuflink's ability to complete deals speedily helped find a business solution for two brothers in need of finance following building work.

The challenge presented itself when Kuflink was approached by the brothers who incorporated their company in June 2014. They urgently required £155,000 to pay outstanding invoices from builders who had completed refurbishment work on their commercial units, and to finish the renovation of the office conversion.

Kuflink quickly recognised speed was vital for these clients as the brother who own the commercial property live in different parts of the UK, some 250 miles apart.

But a solution was to hand, and a spokesman explained: "The clients required funds quickly, and they knew Kuflink is known for quick completions on bridging loans.

"Due to the distance between the clients, which we knew could cause a delay, we arranged for the clients to visit our office in Gravesend, enabling us to complete all the formalities quickly.

"This meant we could release the required funds to the client in 14 days. In order to repay the loan, the clients plan to sell the commercial units. "

The £155,000 funding deal took just 14 days to complete with a loan duration of nine months and LTV at 25%. Security was provided in the shape offer Grade II listed former ammunition stores near Rochester, Kent. The charge; 1st Charge with 90-day valuation: £624,000."

Carl Eldridge is a journalist with more than 25 years’ experience working on local and then national newspapers, including a spell on the City Desk at the Daily Express, before switching from print media to the internet.

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