Masthaven closes £600,000 bridging loan within five working days



674_2021-10-11-04-51-54pm.gif
Masthaven Bank has completed a £600,000 bridging loan withing five working days for a couple looking to purchase a property at auction.

The South East-based borrowers were preparing to buy a £1.25m residential home and were initially proceeding with a long-term mortgage.

However, the initial lender declined the application at the final legal stage, putting the clients at risk of losing their £125,000 deposit paid to secure the property.

Chris Taylor, director at The London Mortgage Brokers, submitted an application for a bridging loan via Masthaven’s short-term lending portal.

The bank reviewed the case and worked with the broker to deal with the auction purchase, a gifted deposit, and the registration of a new property title, to ensure a turnaround of five working days of receiving the application.

The loan also involved a simultaneous completion on the customer’s current residence.

The £600,000 facility was agreed at 60% LTV, priced at 0.53% on a 12-month term.

David Kennedy, chief lending officer at Masthaven Bank (pictured above), said: “We are really pleased to have been able to support Chris and the customers with this case — especially within the short timeframe. 

“The borrowers were upsizing and purchasing their dream home, so the initial rejection was a major disappointment; being able to resolve this and turn their dream into reality means we’re doing our job right. 

“This particular case is also testament to the utility and versatility of bridging finance; it can be an incredibly powerful problem-solving tool that is often overlooked and deserves more attention.”

Chris added: “After speaking to my account manager late on Thursday night, I submitted the application on the Friday before the bank holiday weekend and we completed the following Friday — just in time!”

Leave a comment