Commercial Bridging Finance – Loans For Commercial Property

A Comprehensive Guide to Commercial Bridging Finance

Here we offer an overview of commercial bridging finance, including its benefits, drawbacks, common applications, qualification criteria, comparisons with traditional mortgages, types of loans available, alternative financing options, best practices for applying, and case studies of successful transactions and investments.

Overview of Commercial Bridging Finance

Commercial bridging finance is a vital financial tool for businesses seeking short-term capital secured against commercial properties. This form of financing offers quick access to funds, making it ideal for scenarios such as property purchases, refurbishments, and new business ventures.

For example, a property developer requiring immediate funding to acquire a prime commercial building can benefit significantly from commercial bridging finance, enabling them to seize time-sensitive opportunities swiftly. With interest often rolled into the loan, businesses can manage cash flow effectively without the pressure of monthly payments, providing flexibility in repayment terms.

Moreover, commercial bridging finance is characterised by its ability to cater to a wide range of business needs, from property acquisitions to equity release for expansion or reinvestment. This flexibility makes it a versatile solution for businesses looking to access capital quickly and navigate complex financial situations.

For instance, a retail business seeking to release equity from its current premises to finance a new store location can leverage commercial bridging finance to facilitate the transition smoothly. By understanding the core features and benefits of commercial bridging finance, businesses can make informed decisions that align with their financial objectives and growth strategies.

Commercial bridging loans are short-term, interest-only loans secured against commercial property, providing quick funding in various scenarios such as property acquisitions, refurbishments, and new business ventures. These loans offer businesses the agility to capitalize on time-sensitive opportunities, like auctions, where immediate funding is required to secure a property swiftly. By rolling interest into the loan, commercial bridging finance eliminates the need for monthly payments, offering businesses greater flexibility in managing their cash flow and repayment schedules.

Benefits of Utilizing Commercial Bridging Finance

One of the key benefits of commercial bridging finance is its ability to facilitate quick property purchases, including auction buys and time-sensitive opportunities. For instance, a small business looking to acquire a commercial property at an auction can leverage bridging finance to secure the purchase promptly, ensuring they do not miss out on the investment opportunity. Additionally, commercial bridging finance provides small businesses with necessary capital for property transactions and investments, supporting growth and expansion initiatives. For example, a start-up company needing funds to purchase a commercial property quickly can benefit from bridging finance to establish its operations and generate revenue promptly.

Furthermore, commercial bridging finance offers businesses a viable option for releasing equity from their business premises for expansion or reinvestment purposes. This flexibility allows companies to unlock the value of their assets without selling them outright, providing a strategic avenue for growth. For instance, a manufacturing company aiming to scale its operations may release equity from its existing industrial facility through a bridging loan to fund the acquisition of a larger production plant. By leveraging bridging finance in this way, businesses can access the capital needed to drive expansion and seize growth opportunities effectively.

Drawbacks and Risks Associated with Commercial Bridging Finance

Despite its advantages, commercial bridging finance comes with certain drawbacks and risks that businesses need to consider. One significant drawback is the higher interest rates associated with bridging loans compared to traditional financing options. These elevated interest rates reflect the short-term nature of bridge loans and the increased risk involved, impacting the overall cost of borrowing for businesses. For example, a company securing a bridge loan for a property purchase may incur higher interest expenses over the short term, affecting the profitability of the investment.

Additionally, the shorter repayment periods of commercial bridging finance can pose financial challenges for businesses, requiring careful planning and management. Businesses must ensure they have a clear repayment strategy in place to settle the loan within the specified timeframe without straining their finances. Failure to do so could lead to financial pressure and potential difficulties in meeting repayment obligations. Moreover, the risks associated with property devaluation can impact the terms of the loan and the financial viability of the business. Businesses should assess these risks carefully and consider market fluctuations when opting for commercial bridging finance to mitigate potential challenges.

Common Applications of Commercial Bridging Finance

Commercial bridging finance is commonly used for a variety of purposes within the business landscape. For example, property acquisitions such as commercial buildings, retail units, and office spaces are typical applications of bridging finance. Businesses seeking to expand their property portfolio or enter new markets can leverage bridging loans to secure properties quickly and capitalize on growth opportunities. Moreover, supporting refurbishments and renovations to enhance property value and generate returns is another prevalent use of commercial bridging finance. For instance, a property developer undertaking a renovation project to increase the market value of a commercial building can utilize bridging finance to cover renovation costs and maximize returns on the investment.

Furthermore, commercial bridging finance plays a crucial role in facilitating equity release for business growth, expansion, or investment opportunities. By releasing equity from existing business premises, companies can access the capital needed to fund strategic initiatives without compromising their operational capabilities. For example, a retail business looking to expand its operations may release equity from its current store to finance the opening of new locations, driving growth and market presence. The versatility and adaptability of commercial bridging finance make it a valuable financial tool for businesses seeking to navigate complex property transactions and investment ventures.

Qualification Criteria for Commercial Bridging Finance

When applying for commercial bridging finance, businesses must meet specific qualification criteria set by lenders to secure the funding they require. A strong credit history is typically required, demonstrating the business’s ability to manage debt responsibly and meet financial obligations. Moreover, collateral, such as commercial property, is often necessary to secure the loan and provide assurance to the lender. By meeting these criteria, businesses can enhance their eligibility for commercial bridging finance and access the capital needed to support their growth and development initiatives.

In addition to credit history and collateral, businesses must prepare detailed documentation to support their commercial bridging loan application. This documentation includes comprehensive property information, rental income projections, and a clear repayment strategy to showcase the business’s financial health and ability to repay the loan. For example, providing accurate property valuations and outlining a viable repayment plan can strengthen the loan application and increase the likelihood of approval. By presenting a complete and transparent financial picture, businesses can demonstrate their creditworthiness and secure the necessary funding for their commercial endeavors.

Moreover, understanding the risks and benefits of commercial bridging finance is essential before applying for financing. By evaluating the advantages and disadvantages of bridge loans, businesses can make informed decisions that align with their financial objectives and risk tolerance. This comprehensive analysis ensures that businesses are well-prepared to navigate the complexities of commercial bridging finance and utilize it effectively to support their growth and expansion strategies.

Comparing Commercial Bridging Finance with Traditional Mortgages

When comparing commercial bridging finance with traditional mortgages, it is important to consider the key differences that can impact businesses’ financial decisions. Commercial bridging loans offer faster processing and access to funds than traditional commercial mortgages, making them ideal for seizing time-sensitive opportunities such as property purchases or renovations. For instance, a company looking to acquire a new office space urgently may opt for a commercial bridging loan to secure the property quickly and commence operations without delays. In contrast, traditional commercial mortgages may involve a longer application process and may not be as suitable for urgent funding needs.

Furthermore, the interest rates associated with commercial bridging loans are typically higher than those of traditional mortgages, reflecting the short-term nature of the loans and the increased risk involved. While this may deter some businesses, the benefit lies in the speed of accessing funds. For example, a business aiming to expand its operations by purchasing additional commercial properties might find the higher interest rates of a bridge loan justified by the immediate availability of capital, allowing them to proceed with the acquisition promptly. On the other hand, traditional commercial mortgages offer lower interest rates but may involve stricter eligibility criteria and longer processing times, affecting the speed at which a business can execute its growth plans.

In summary, businesses must carefully evaluate the advantages of quick access to funds and flexible repayment terms offered by commercial bridging finance against the higher interest rates and shorter repayment periods. Understanding the differences between commercial bridging loans and traditional mortgages is crucial for making informed financing decisions that align with the company’s objectives and financial capabilities. By assessing the specific needs of each business scenario, entrepreneurs can determine the most suitable financing option that best serves their immediate requirements and long-term goals.

Types of Commercial Bridging Loans Available

Businesses exploring commercial bridging finance can choose from a variety of loan options tailored to their specific needs and financial objectives. Open bridge loans are a popular choice due to their flexible repayment options that align with the borrower’s financial circumstances and preferences. For instance, a property developer managing fluctuating cash flows during a renovation project may opt for an open bridge loan to adjust payments according to project milestones and financial requirements. On the other hand, closed bridge loans offer businesses the advantage of fixed interest rates, ensuring predictability in repayment terms and financial planning.

Moreover, first and second charge bridging loans play a crucial role in establishing the order of repayment in case of default. For example, if a business has multiple loans secured against the same property, the lender holding the first charge will have priority in repayment in the event of liquidation or default. Understanding these distinctions is vital for businesses to assess their risk exposure and make informed decisions when obtaining commercial bridging finance. By choosing the most suitable type of bridge loan based on their financial goals and risk tolerance, businesses can optimize their funding strategy and achieve their growth objectives effectively.

Alternative Financing Options to Commercial Bridging Finance

In addition to commercial bridging finance, businesses in need of short-term funding solutions can explore various alternatives tailored to their financial requirements. Business loans, for example, offer businesses a lump sum amount that can be utilized for various needs such as inventory purchases, equipment upgrades, or operational expenses. For instance, a small retail business looking to expand its product range may consider a business loan to finance the purchase of additional inventory, enabling growth and meeting customer demand effectively.

Furthermore, lines of credit present another alternative to commercial bridging finance, providing businesses with a revolving credit facility for accessing funds as needed up to a predetermined limit. This flexibility makes lines of credit suitable for managing cash flow fluctuations, covering unexpected expenses, or seizing time-sensitive opportunities in the market. For example, a seasonal business experiencing revenue fluctuations might benefit from a line of credit to navigate lean periods without disrupting operations.

Moreover, equity crowdfunding offers an innovative alternative funding source for businesses seeking capital by leveraging the collective investments of a large group of individuals through online platforms. By raising funds in exchange for equity or ownership stakes, businesses can access capital and engage with a broader investor community. For instance, a tech startup looking to launch a new product may prefer equity crowdfunding to secure the necessary funds while building a network of early adopters and supporters. By exploring alternative financing options alongside commercial bridging finance, businesses can tailor their funding strategy to meet their unique financial needs and growth objectives effectively.

Applying for Commercial Bridging Finance: Best Practices

When applying for commercial bridging finance, businesses should adhere to best practices to enhance their chances of securing the funding they need. Researching reputable lenders and understanding the terms and conditions of bridge loans is crucial for selecting a lender that aligns with the business’s financial goals and requirements. For example, businesses should consider factors such as interest rates, repayment terms, and loan amounts offered by different lenders to make an informed decision. By choosing a reputable lender with transparent and competitive offerings, businesses can streamline the application process and secure favorable financing terms.

Moreover, preparing comprehensive financial documents and property valuations is essential to support the commercial bridging loan application. Lenders often require detailed information to assess the business’s financial health and the value of the assets being used as collateral. For instance, providing accurate property valuations, rental income projections, and a clear repayment strategy can strengthen the loan application and demonstrate the business’s creditworthiness. By presenting a complete and well-documented financial profile, businesses can expedite the approval process and increase their chances of securing the necessary funding for their commercial ventures.

Furthermore, maintaining effective communication with lenders throughout the application process is key to enhancing the chances of loan approval. Proactively engaging with lenders, promptly responding to queries, and providing any additional information requested can showcase the business’s commitment and reliability. Building a strong rapport with the lender can not only expedite the approval process but also potentially lead to more favorable loan terms. By keeping lines of communication open and demonstrating professionalism and transparency, businesses can navigate the commercial bridging finance application journey successfully and access the capital needed to support their growth and development initiatives.

Case Studies and Success Stories of Commercial Bridging Finance

Real-life case studies and success stories provide valuable insights into the practical application of commercial bridging finance for businesses across various industries. For instance, a property developer successfully used commercial bridging finance to acquire a prime commercial property, renovate it, and sell it at a substantial profit within a short period. This case study illustrates how bridging finance can be a strategic tool for maximizing returns on property investments and driving profitability. By delving into such success stories, businesses can gain a deeper understanding of the benefits and outcomes of utilizing commercial bridging finance in their operations.

Moreover, testimonials from businesses that have leveraged bridging finance can offer valuable perspectives on the advantages and positive outcomes of this form of financing. For example, a retail business owner may share how bridging finance enabled them to expand their store locations rapidly and increase revenue. By showcasing the practical benefits and real-world applications of commercial bridging finance, these testimonials highlight the value of this financial tool in facilitating growth and achieving business objectives. Additionally, case studies demonstrating how bridge loans have supported businesses in seizing opportunities and meeting their financial goals can provide valuable insights into the effectiveness of commercial bridging finance.

By exploring a diverse range of case studies and success stories, businesses can gain a comprehensive understanding of the practical applications and benefits of commercial bridging finance. For example, a tech startup may share how bridging finance enabled them to secure a new office space and accelerate their growth trajectory. These narratives showcase the versatility and effectiveness of commercial bridging finance in supporting businesses across sectors and industries, providing the necessary capital infusion to drive expansion and navigate dynamic market environments.

Risks Associated with Commercial Bridging Finance

While commercial bridging finance offers businesses valuable financial flexibility and access to short-term capital, it also entails certain risks that need to be considered. One significant risk is the potential impact of property devaluation on the terms and financial viability of the loan. If the value of the property securing the loan decreases significantly, it may affect the loan-to-value ratio and the lender’s perceived risk. For example, a property developer securing a bridging loan for a commercial building that experiences a sudden decline in market value may face challenges in renegotiating loan terms or meeting repayment obligations.

Moreover, the shorter repayment periods characteristic of commercial bridging finance can pose financial pressure on businesses, necessitating careful planning and management. Businesses must ensure they have a robust repayment strategy in place to settle the loan within the agreed-upon timeframe and avoid potential financial strain. For instance, a company undertaking a renovation project using bridging finance must calculate the return on investment meticulously to repay the loan promptly and avoid additional costs. By proactively managing repayment schedules and cash flow, businesses can mitigate the risks associated with short-term borrowing and ensure financial stability.

Additionally, the higher interest rates typically associated with commercial bridging loans compared to traditional financing options can impact the overall cost of borrowing for businesses. These elevated interest expenses may reduce profitability and cash flow, especially in scenarios where the loan is used for longer than initially planned. For example, a business securing a bridge loan for a property acquisition may find the higher interest rates challenging if the investment does not yield the expected returns within the short-term repayment period. By carefully evaluating the cost implications and risks of commercial bridging finance, businesses can make informed decisions that align with their financial objectives and risk tolerance.

Tax Implications of Commercial Bridging Finance

In addition to the financial risks and benefits associated with commercial bridging finance, businesses must also consider the tax implications of using bridge loans for short-term funding needs. The tax treatment of interest payments on bridging loans can vary depending on the purpose of the loan and the business’s specific circumstances. For instance, interest payments on bridging loans used for property acquisitions or investments may be tax-deductible as a business expense, reducing the overall tax liability of the company.

However, businesses should seek advice from tax professionals or financial advisors to understand the specific tax implications of commercial bridging finance in their jurisdiction. By consulting experts in tax planning and compliance, businesses can ensure they are maximising tax efficiencies and complying with relevant regulations when utilising bridge loans for their financial needs. Understanding the tax implications of bridging finance is crucial for businesses to make informed decisions and mitigate potential risks related to tax liabilities and obligations.

Conclusion

In conclusion, commercial bridging finance serves as a valuable financial tool for businesses seeking short-term capital secured against commercial properties. By offering quick access to funds, flexibility in repayment terms, and the ability to support a variety of business needs, bridging finance enables businesses to navigate complex financial scenarios and seize growth opportunities effectively. While there are risks associated with commercial bridging finance, such as higher interest rates and property devaluation, businesses can mitigate these risks through careful planning, robust risk management strategies, and comprehensive financial analysis. By understanding the benefits, drawbacks, and practical applications of commercial bridging finance, businesses can make informed decisions that align with their financial objectives and support their growth and expansion initiatives effectively.

What Is Commercial Bridging Finance?

Commercial bridging finance is used when there is a gap in financing that needs filling quickly and easily. Commercial bridging loans are a type of short-term finance that is usually less than 12 months. These types of loans can be used by individuals or businesses. The purpose of this type of loan is to ‘bridge’ the gap between the payment falling due and either the main source of finance being available, or funds being received from another source such as the sale of a property. A commercial bridging loan is solely used for business purposes rather than residential properties. Our main areas of expertise within bridging loans is within European commercial bridging finance and International bridging finance We look after many companies and commercial entities in United Kingdom, Ireland, Scotland, Wales, Spain, Netherlands, France, Germany, Australia, New Zealand, United States, Austria, Belgium, Switzerland, Scandinavia and many more countries.

They can also be referred to as “caveat loans” or “swing loans”, however, in the UK they are usually just referred to as a bridging loan.

Bridging loans are often used by borrowers as a supporting form of finance that precedes a longer-term form of funding. In some cases, they are incorrectly seen by borrowers as an alternative to mainstream lending.

If you are considering commercial bridging, you should consider the exit strategy before committing to any terms. An ideal exit strategy from a bridging loan could be a longer-term form of finance such as a commercial mortgage, or a buy-to-let mortgage, and of course there is the option using commercial bridging lenders finance to buy time for simply selling the property.

If you’re:

• An individual
• A group (entity)
• An existing business looking to expand

You are eligible for commercial bridging finance.

For a Commercial Bridging Loan the overall use of the property has to be more than 40% commercial. For example, if you were buying a retail unit with a at above it, the retail unit’s value would have to be more than 40% of the total value. For landlords, or a landlord company, the exit strategy would usually be to refinance the loan onto a Buy-to-Let Mortgage, usually after doing some renovations to make the property suitable for rental. For commercial units that are bought using a Commercial Bridging Loan, the exit strategy usually involves refurbishing the unit then selling it or refinancing onto a conventional Commercial Mortgage.

Bridging loans secured on commercial property are more specialist than those secured on residential property, meaning there are far fewer lenders in this market.

Commercial properties pose a greater risk to lenders when compared to residential properties, therefore loans secured against commercial properties tend to be more expensive than if they were secured against residential property.

This is further reflected in the type of commercial property being used as security, and the interest rates reflect the different levels of risk.

What can Commercial Bridging Finance be used for?

Loans are secured on commercial or semi-commercial property. Semi-Commercial is commercial property that also has residential accommodation as part of the commercial premises. This could be owner occupied or rented out. You can use a commercial bridging loan for property development and for the below asset classes:

ASSET CLASSES

• Residential/Commercial/Mixed Use
• Land
• Hotels
• Office Buildings/Office Towers
• Industrial/Warehousing
• Retail/Retail Parks
• PBSA
• PRS / Build to Rent
• Development Exit Bridge

Business

• Shops
• Offices
• Restaurants
• Factories
• Industrial units
• Care homes
• Hotels
• B & Bs
• Leisure facilities
• Shopping centres

They can also be secured on land:

• Development land with planning permission
• Land without planning
• Farmland

Loans can be used for most purposes, including:

• Buying property
• Cashflow
• Pay debts
• Renovation, expansion, restoration of property
• Purchasing

What are the Key Features of Commercial Bridging Finance?

There are many advantages of commercial bridging loan for property development when compared to other types of finance. When finance is only required for a short period of time, they often provide the cheapest option for raising the required funds. In addition they are fast to arrange, have flexible lending criteria so that approvals can be given quickly without extensive checks, and they can be secured on all types of property, including property that is unsuitable to other lenders. Commercial Bridging Loans can commonly be used for the below also:

• Commercial Refurbishment Finance – Renovating, converting or restoring properties
• Commercial Re-Bridging
• Buying a commercial property at auction
• For quick commercial purchases when a bargain property or other must have item comes along
• Solve commercial business short term cash flow problems
• Inheritance tax and probate issues from arisen from commercial ownership
• Buying commercial property below market value
• Repossession prevention of commercial property
• Commercial property development

Whats the Lending Criteria for Commercial Bridging Finance?

• Loan sizes: £50,000 up to £500m
• Term: 24 Hours up to a maximum of 36 months but generally over 12 months
• Security: A First legal charge will be required against the property
• Property types: All types considered
• Locations: United Kingdom, Ireland, Scotland, Wales, Spain, Netherlands, France, Germany, Australia, New Zealand, United States, Austria, Belgium, Switzerland, Scandinavia and many more countries.
• Types of Borrowers: Private borrowers, Limited companies, Partnerships, Offshore companies, SPV’s
• Age of Applicant: Minimum of 18 years old
• Acceptable Credit History: CCJs, Defaults, Arrears, IVAs, Bankruptcy, Repossessions, Statutory Demands, Winding up orders

Commercial Bridging Finance Exit Routes

• Property or asset sales
• Receipt of money owed
• Inheritance
• Refinance
• Policy reaching maturity

What Information Should Provide for Commercial Bridging Finance?

• Applicant company name & number.
• Directors & significant shareholders CV’s or Biographies.
• Full site/ property address.
• Copy of the planning consent. If any
• Financial Appraisal (can exclude finance costs) and Cash-Flow.
• Detailed build or refurbishment costs.
• Schedule of proposed Accommodation.
• Details of the professional team (contractor, architect, structural engineer, CDM coordinator etc).
• Procurement Method (For example, Design & Build or Construction Management?).
• Any comparable sales information (or agent’s opinions) to support the proposed GDV.

Bridging – Interest Repayment Options

Retained Interest

Retained interest is where the lender ‘retains’ the interest for the full term of the loan. So, if you had a 12 month bridging loan you would not repay the interest to the lender until month 12. This can mean that as the interest rate is paid in one lump sum at the end of the term that the amount of interest repaid could be more than rolled-up or even monthly. However, this option appeals to many property developers due to the fact that it affords them time to do any internal improvements such as development work throughout the term without including ongoing costs throughout the term length.

Rolled-Up Interest

With rolled-up interest the interest is added each month and increases in value in a sliding scale due to it being applied to the renewed sum of the loan increments plus the previous months’ interest, as the loan progresses. This option may be preferred to some borrowers as it can often be less costly overall when compared with retained, however, may be more expensive than monthly.

Retained and Rolled-Up Interest

As you may have guessed, this option is the combination of both retained and rolled-up interest within one loan. What this means is that for an agreed amount of months within the term the interest will be repaid as retained and for the months that are left the interest would be rolled-up. For example, on a 12 month bridging loan agreement the interest repayments could be 6 months retained and 6 months rolled-up.

Monthly Interest

As it suggests, the interest repayments are set and repaid monthly. This can mean lower amounts of interest as the borrower is repaying the amounts each month. However, for those property developers that wish to do some work on increasing the value of the property over the term of the loan, this option may not be as desirable. Where the intention is to achieve a higher gross development value than the purchase price through development on the property, retained interest,or retained and rolled-up, may be preferred in some cases as the interest is deferred.

Commercial Bridging – Fees Explained

Arrangement Fee

This fee can also be found in the terms provided by the lender. Often based on either the net or gross loan amount, arrangement fees can also be referred to as a facility fee. The purpose of these fees is so that the lender can acquire some profit from the arrangement of the loan for the borrower and can help to ensure that interest rates stay a little lower. A typical value would be around 2% for an arrangement fee, however, they can be lower and higher than that figure.

Valuation Fees

Valuation fees often vary depending on the value of the property that is used as security. These fees are an important part of the process from the lenders’ perspective. Valuations provide the necessary clarity on whether lenders can fund the borrower, based on the security that the loan is to be set against. The fees can also vary depending on the type of reports generated from the surveys and also the location of the property/security.

Administration Fees

There is usually a small administration fee after the loan is accepted when the borrower executes any draw-down from the bridging loan’s credit line.

Redemption Fee

Once the loan term has arrived and the it is due to be repaid the lender will charge a redemption fee. The reason for this fee is for the removal of the charge over the security.

Solicitors and Legal Fees

Lenders use solicitors to handle the loan agreements and securing the charge over the security (often a property). Costs are usually charged to the borrower and the value of the fee will be included within the terms provided by the lender for transparency.

Bridging Broker Fees

Brokers charge broker fees and this can be seen in the indicative terms that they send across. Normally this is 1% of the funding raised.

Bridging Indicative Terms Summary

The ‘decision in principle’ or indicative terms provided by the lender will usually include some or all of the following when applying for a bridging loan:

• Borrowers’ name
• Borrowers’ address
• Security address
• Gross loan amount
• Net loan proceeds to borrower
• Purchase price/valuation
• Purpose of loan
• Legal charge type (first or second)
• Interest rate
• Term length
• Interest payment basis
• Early repayment information
• Early repayment charge
• Total legal/solicitor fees
• Solicitor’s exit costs
• Surveyor fee
• Arrangement/facility fee
• Broker fee (where applicable)
• Administration fee (where applicable)
• Exit fee (where applicable)
• Key assumptions of the lender
• Borrower declaration which needs to be signed by the borrower/s

Bridging Term Lengths

These are short-term loans by definition. As such, they are usually offered for periods between a few weeks and up to 12 months. There are options for longer terms as well, depending on the exit strategy and the lenders’ criteria.

For those situations where a definitive end date is set, a closed bridging loan may be more appropriate. If you do not have an end date in mind, an open bridging loan may a better option, however, may cost more; so keep this in mind when making your decision.

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