Jason Berry

Crystal and MT Finance collaborate on £1.4m bridging deal




Crystal Specialist Finance (CSF) and MT Finance have completed a £1.4m bridging loan in three weeks.

The funding will be used by the foreign national client to pay off a highly-geared development finance agreement.

The client’s broker contacted the specialist distributor and explained that the money would be taken out against a vacant new build, with exit by way of sale of the remaining properties on the original site.

CSF contacted MT Finance immediately, which agreed the application.

A valuation was arranged as a matter of priority, with drawdown taking place within the original timeframe of four weeks.

The loan was agreed at 45% LTV, at an interest rate of 0.79% for 12 months.

Tomer Aboody, director at MT Finance, said: “The client needed us to move quickly as he had been served a notice to complete, and, although the nature of his residence meant that the legal process was not as straight forward, we worked closely with the team at Crystal to keep the deal moving forward as swiftly as possible.
 
“We couldn’t have managed this without the help of our solicitor, surveyor and, of course, Crystal, who all worked together seamlessly in order to meet the deadline.”

Jason Berry, group sales and marketing director at CSF (pictured above), said: “Throughout 2020, MT Finance has consistently delivered exceptional support to Crystal and our supporting brokers.
 
“We always strive for excellent customer outcomes and aim to work with lending partners whose values match our own. 

“On this particular case, Tomer and his team did an amazing job, initially taking time to understand the residence complexities then truly pulling out all the stops . . . [for] a speedy completion," he added.

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