Alan Smith

Bridging Vat completes its first loan

Bridging Vat has advanced £550,000 to a Birmingham-based developer to cover the purchase of an old commercial property for development into residential units.

It is the first loan completed by the lender, which launched at the end of May and is headed up by former VATBRIDGE CEO Alan Smith (pictured above).

Bridging Vat received the enquiry on its third day of business and was ready to advance the loan seven days later, but the transaction was complicated as it involved a property purchase and a subsequent company purchase, meaning that the primary lender required longer to complete the loan.

“It has been a very exciting four weeks for Bridging Vat, things are coming together much quicker than we could have hoped,” said Alan.

“July will see new members join the team and the opening of offices at the Colchester Business Park. 

“But perhaps the most exciting is we already have over £3m of loans committed to advance in July and August.

“As a developer, broker or lender, if you or your clients need help to fund the VAT due on commercial property transactions, then come and talk to the experts at Bridging Vat, we’re open for business.”

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