fairbridge capital

Fairbridge Capital closes £135,000 bridging loan in five hours

Fairbridge Capital has completed a £135,000 bridging loan within five hours for a client looking to complete a BTL property purchase in Essex.

The borrower required the funds urgently, as he was on the final day of his notice to complete the transaction after the sale of another property — which was supposed to fund the purchase — fell through.

The case was introduced to Fairbridge Capital in the morning, with formal terms issued swiftly and legals instructed at midday.

Given the low LTV of the deal, the lender was able to carry out a desktop valuation and arranged for one of its local asset managers to visit the site to verify its suitability for lending purposes.

The deal was completed at around 5pm on the same day, with Fairbridge Capital offering the loan at 50% LTV.

Nik Bassi, case manager at Fairbridge Capital (pictured above, left), said: “Despite this case being a relatively small and straightforward bridging loan, five hours is an incredibly small window for us to complete our full underwriting process at short notice.

“I have to give special thanks to Deepak Ohri, [partner] at Underwood & Co Solicitors for taking up the case and acting so swiftly.”

Talvin Bansal, BDM at Fairbridge Capital (right), added: “We are really pleased to have been able to assist our client here. 

“This deal further reinforces our commitment to speed and reliability, which our brand is becoming more and more renowned for in the industry. 

“We have a focus on providing a responsive service underpinned by our relationships with our chosen professional partners, who share our enthusiasm to deliver.”

Deepak commented: “I was delighted to help Fairbridge Capital complete the loan in record time. 

“Fairbridge Capital is a forward-thinking, pro-active lender which understands the risks associated with property transactions and thus, is able to make commercial decisions swiftly. 

“This helped ensure that the legals went through smoothly, so the borrower was able to complete within the timescale required.”

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