Mark Dearman

Cynergy Bank provides record £7.8m bridging loan

Cynergy Bank has completed a record-breaking £7.8m bridging facility, bringing the total amount lent in February to more than £14m.

The loan was issued at 70% LTV at a cost of 0.6% per month and a term of 11 months.

Cynergy Bank provided the loan on 19 new-build houses in Essex, refinancing an existing development loan which was coming to an end.

The specialist bank worked alongside legal partners Fieldfisher to complete the deal by the target date of 26th February 2020, and the development finance lender was paid off as a result.

Mark Dearman, director of commercial banking and bridging finance at Cynergy Bank (pictured above), said: “Cynergy Bank’s continued success in the bridging market — despite only launching last summer — demonstrates the strength of the product we have created and the relationships we are building with our introducers.” 

He added that a combination of a strong offering and an understanding of both customers’ and brokers’ needs enabled it to “challenge the established lenders in this saturated market”.

“Since adding bridging finance to our product suite, we are now able to offer our customers and introducers a fully relationship-managed lifecycle journey — from acquisition to development and long-term finance.” 

Andrew Keehner, relationship director of bridging finance at Cynergy Bank, claimed that the new bridging team was thriving off the bank’s “already fantastic reputation for service across its range of products”.

Kirk Pickering, director at the client, Ultrabox Brent House Farm, stated that terms were agreed with Andrew on 6th January, with the application form then submitted to the specialist bank on 15th January 2020.

“In 30 years of development and property funding experience, this has been one of the fastest and most efficiently handled new loan processes, comparing very favourably to best-in-industry operators,” said Kirk.

This latest deal follows Cynergy Bank’s previous record-breaking bridging loan of £5.2m in January.

Leave a comment