London lender reports month of 72-hour bridging loan completions

London lender reports month of 72-hour bridging loan completions



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A London-based bridging lender has revealed that its average loan completion time stood at just 72 hours last month.

Complex assets and offshore jurisdiction proved no problem for Montello Bridging Finance, as they managed to complete a £2 million loan  secured against a hotel and a deal against a company incorporated in Central America, both in less than three working days.

The team at Montello attributed part of the success to brokers’ itchy feet. Christian Faes, Managing Director at Montello said: “There are usually a few deals that drag on longer than we would like but in December it seemed that borrowers/brokers were keen to move fast and be funded in time for the New Year.”

The City-based lender added that its ‘tight structure’ may also have helped to boost the turnarounds rates, as it provides 
its own funding and features  two solicitors and a chartered surveyor as directors.

“We are not funded by a banking facility, so we don’t have to go to our bankers for approval on each deal - we make our own underwriting decisions internally. This allows us the flexibility to act very quickly when the deal fits the criteria of what we are looking to lend against,” said Christian Faes.

Ian Thomas, Director at Montello, explained that in transactions such as the £2 million hotel deal the team relied on its own internal analysis and site inspection of the asset to ensure a fast turnaround ‘relative to the complexities involved’.

In the case of the loan made against a company incorporated in Belize, Christian Faes said: “We always work with external advisers but the decision whether to lend on a transaction can be made very quickly. We have both legal and property analysis skills internally.” 

By Katie-Jill Rowland

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