The client needed to complete a deal in a short period of time on a residential development of finished but vacant flats, which had come up for sale due to the bankruptcy of the current owner.
In total, £800,000 was needed to secure the property, which had an open market value of over £1.1m.
Elysium – which launched in March – was happy to offer a bridging loan secured on the property and completed the deal in good time and to the agreed terms.
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The property is located in central Glasgow and the client plans to rent out the flats as buy-to-lets and will refinance the loan within 12 months.
“With many bridging lenders steering clear of property transactions in Scotland, Elysium Bridging will look at deals covering all of England, Scotland and Wales,” said Paul Gammond, CEO of Elysium.
“We are extremely happy that we could step in and help the client purchase the property in difficult circumstances and as always the broker was paid within minutes of the deal completing.”
Elysium worked with solicitors Boyd Legal of Edinburgh, who worked over the bank holiday to help complete the loan.