2nd charge bridging loan to resolve APN issue with HMRC

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Central Bridging, principal lender and bespoke provider of short term funding solutions were approached by a Birmingham based bridging finance broker to help a client who had been issued with an Accelerated Payment Notice from the HMRC.

Time was of the essence as the client had chosen not to contest the Accelerated Payment Notice issued by HMRC and there were less than 2 weeks remaining before the expiry of his 90 day notice period leaving him facing an immediate fine if he didn’t make payment by the deadline, as well as further enforcement action.

The bridging loan was secured against his main residence at 47% LTV and completed on a second charge basis at 1.1% PM with a term of 9 months.

Central Bridging arranged and funded the loan within 6 working days of being approached, including arranging a property valuation, full legal advice and consent from the first mortgage lender.

In addition, with the client’s approval, the lender liaised directly with HMRC making full payment of the borrower’s APN liabilities in advance of the deadline thereby ensuring no penalty interest was incurred.

The loan will be repaid from the sale of the security property.

Property Value: £2.1m

Loan Type: 2nd Charge Bridging Loan

Loan Amount: £1m

LTV: 47%

Rate: 1.1% pm

Term: 9 months

Lender Arrangement Fee: 2%

Exit Fee: 1%

Monthly Payment: Interest Rolled Up


Ryan Ewen is the Commercial Director of Oxygen - a leading digital marketing company specialising in finance, sport and news.

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