The Challenge
A business within the construction industry required urgent access to cash to pay an overdue tax bill with HMRC. The directors were under significant pressure to settle the overdue payment within 45 days, made more complicated in the lead up to the Christmas break.
The Solution
PMD were able to arrange a bridging loan of over £2m that was secured against the director’s personal property portfolio. The facility was provided on an interest only basis and benefited from a streamlined valuation process plus search and title indemnity insurance in order to expedite deal completion.
The Result
The facility secured by PMD allowed the client to access their capital within 40 days and avoid any enforcement action to be taken by HMRC. With the benefit of time now on their side, PMD will be able to support the client with a longer-term refinancing option.
"PMD Property Finance has established itself with a reputation for supporting customers with non-standard requirements, often involving a need for speed. This particular transaction was no different, and we were only too happy to deploy our experience in bridging finance to secure a short term solution for the client. Leveraging our relationships with a wide panel of lenders, we were able to deliver a range of options, providing the client with an informed choice."