Castle Trust provides £4.5m bridging loan in 14 working days

Castle Trust Bank has completed a £4.5m bridging loan within 14 working days.

The deal was introduced by Sirius Property Finance on behalf of the client, who required the funds to refinance a current development loan and mezzanine finance for a permitted development scheme of 25 flats in Reading.

Terms for the case were issued on 29th September, with the application completed and all documents uploaded by the broker within 24 hours.

The application was then underwritten, offered and solicitors instructed within three days before completing on 19th October, within 14 working days of the initial terms being issued.

The £4.5m loan was agreed at 72% LTV on a nine-month term.

Rob Oliver, sales director at Castle Trust Bank (pictured above), said: “This wasn’t a straightforward bridge; it was a £4.5m loan secured on a first-charge over a head lease in a company name, completed on a bridge-to-term basis. 

“It’s a great example of what can be achieved when all parties work collaboratively to get a case across the line. 

“The team at Sirius were as accurate and proactive as they always are, and the solicitor, Brechers, worked tirelessly to keep the case moving. 

“It was a great effort all round in an area that we’re keen to expand our footprint on, and we look forward to working together with both Sirius and Brechers again in the future.”

Nicholas Christofi, managing director of Sirius Property Finance, said: “We’re so pleased with how quickly Castle Trust Bank was able to, not just turn this case around, but also deliver a solution that so accurately met our client’s requirements. 

“It was a tricky case with a tight deadline, and we pulled together to make it work.”

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