MSP Capital

MSP Capital closes £1.5m bridging loan in under 24 hours

MSP Capital has completed a £1.5m bridging loan in less than 24 hours, the fastest lending turnaround in its 41-year history.

The client — Juno Developments — required the facility for a last-minute opportunity to purchase a site in Bath for the development of a block of apartments.

As the client required the funds urgently, MSP Capital immediately pulled internal teams together, mobilised long-standing partnerships with lawyers and valuers and carried out the necessary due diligence and pre-lend checks.

The facility was agreed at 65% LTV over a 12-month term, with the option to turn it into a development loan later on.

Paul Miracca, director at MSP Capital (pictured above), said: “We understood the need to act quickly, so we worked late into the night to ensure the deal happened on time for the client. 

“They came to us knowing of our reputation for going above and beyond and using our property expertise to act decisively on loan requests.

“I’m truly proud of how the MSP team worked together so tirelessly to get this over the line so the client wouldn’t miss out on such a great opportunity. 

“It proved the worth of having such strong relationships with our legal and valuation partners, with whom we have worked with over many years — this helped to make sure all the necessary client checks were done fully.

“We know that timing is everything in the bridging market and what enables us to act so quickly is that we’re not like a high-street bank, which may be held back by red tape or bureaucratic processes. 

“Even though we did exactly the same level of pre-lend checks, we have the advantage of agility and a team that can make and act on decisions super-efficiently.” 

James Dean, director at Juno Developments, added: “I doubt many funders would even entertain the concept, let alone deliver. 

“We completed with minutes to spare, a great performance by the MSP team.”

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