Our client was an individual based in Abuja, Nigeria, operating through an offshore company structure and owning a high-value residential property located in Bickenhall Mansions, Marylebone, London.
Our client was an individual based in Abuja, Nigeria, operating through an offshore company structure and owning a high-value residential property located in Bickenhall Mansions, Marylebone, London.
The property had been held within the family for more than 30 years, having originally belonged to the client’s father. It comprised a four-bedroom apartment valued at approximately £2.5 million.
At the time of the application, the property was subject to an expired mortgage with Barclays, creating immediate urgency to refinance the existing borrowing.
The client required funding to resolve an urgent refinancing requirement while also enhancing the property’s marketability ahead of sale.
Their objectives were to:
The urgency arose because the existing mortgage term had expired and the lender required full repayment, while a previous property sale had fallen through because the buyer was unable to secure finance.
This case involved several important complexities that required the selection of a specialist lender and careful structuring.
The transaction centred around refinancing an expired mortgage under significant time pressure, while also releasing additional funds to improve the property prior to sale. In addition, the ownership structure involved an offshore company and a non-UK national borrower.
The case was further complicated by the failed sale process and the need for an extended bridging term to reflect current market conditions.
Traditional mortgage products were unsuitable due to the offshore ownership structure, international borrower profile, and urgency of the refinance requirement.
We arranged a tailored regulated bridging loan designed specifically to refinance the existing mortgage and fund refurbishment works ahead of sale.
The funding solution included:
The selected lender provided the flexibility required to lend against an offshore ownership structure over an extended bridging term.
The structure enabled the client to clear the expired mortgage while also improving the property’s presentation and marketability ahead of resale.
This case required a highly structured and specialist approach throughout the transaction.
We carried out a detailed assessment of the ownership structure, international borrower profile, and wider property position before structuring a bridging facility aligned to both the refinance and refurbishment objectives.
A suitable lender was sourced that could accommodate offshore ownership, a non-UK national borrower, and an extended bridging term. The facility was then aligned carefully with the planned property sale exit strategy.
Throughout the process, communication between all parties was managed proactively to ensure the refinance completed efficiently and within the required timeframe.
The bridging loan completed successfully, enabling the client to refinance the expired mortgage and proceed with refurbishment works.
As a result, the client was able to:
Conclusion:
This case highlights how bridging finance can provide effective solutions for complex international and structural lending scenarios where traditional lenders may be unable to assist.
By focusing on asset value and exit strategy, bridging lenders can deliver flexible funding solutions even in highly specialised situations involving offshore ownership and time-sensitive refinancing.
The relationships we build with our customers are incredibly important to us. Hear what they have to say, and learn why people across the UK rely on Rapid Bridging time and time again.
“We actually never thought it would happen because on paper it looked like it was impossible. We tried almost everything and eventually, it was Andrew and Rapid Bridging that was able to help us solve the issue.”
“Without Andrew, I’m pretty sure we wouldn’t be able to finance this development so easily.”
“Andrew sorted all our problems out. He sorted every little thing that we needed to be done… seems to just close every door and sort everything out for us.”
“Without Andrew’s help, the trust would have gone into
liquidation and lost everything — and I mean everything.”
“We were unable to get a loan anywhere. Nobody would fund building the house. We then approached Andrew who was unbelievably helpful. He was the only person who would even entertain the idea of trying to help”.
“Andrews nature and experience allowed for him to cut through some problems that we found with the other professionals. IE the solicitors and the banks”.
“Without Andrew, I would’ve lost the property. This would’ve caused no end of issues not just personally but for my business as well. Without Andrew and services, I would’ve lost everything”.
