Gemini Finance completes £576,000 bridging loan in five working days



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Gemini Finance has completed a £567,000 bridging loan within five working days.

The borrower required the funds to complete the purchase of a residential dwelling with numerous commercial outbuildings located in Leicestershire, ahead of the stamp duty holiday end.

The client was initially looking to proceed with a term facility, but the previous lender was unable to complete the deal before the end of the deadline due to issues with their valuation.

The case was introduced by Discount Mortgages UK’s director, Paul Barber, and operations director, Lisa Masters.

Due to the tight deadline, Gemini relied on an AMV and its own site inspection instead of a formal valuation.

As the borrower was keen to obtain as much as possible on day one, Gemini allowed them to service the loan in full and also increased the LTV above its normal limit to ensure the borrower maximised the net release.

The bridging facility was completed at 72% LTV on a nine-month term.

Matthew Gammond, commercial manager at Gemini Finance (pictured above, left), said: “This is the kind of case we love to get involved with. 

“As a small, privately funded lender we are able to be very flexible with our offering and speedy throughout the whole process. 

“We were down on site within two days of the enquiry being sent and we completed three days later.

“Assets of this size, value and nature can present problems for lenders; normally we’d cap at 70% LTV for something like this but, on this occasion, we stretched just a bit further to net the borrower the figure they needed. 

“We don’t have rigid criteria; our common-sense approach meant we could offer the borrower something bespoke that met their needs.”

“I’m also hugely impressed with our introducer — this was their first completion with us and they really took the bull by the horns. 

“They knew the urgency was very real and were stunningly proactive throughout the entire process.”

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