spring finance

Spring Finance completes its first bridging deal

Spring Finance has today (20th May) announced it has completed its first bridging loan.

The £650,000 first-charge regulated bridging loan — which was introduced by BuildLoan — was for a customer with complex credit and in need of debt consolidation and capital raising.

In addition, the property being used for security was being renovated.

The finance was provided at 55% LTV on a 12-month term.

In December 2021, the finance provider exclusively revealed in Bridging & Commercial Magazine that it planned to expand into the bridging and development finance markets.

In March this year, Spring launched its bridging pilot scheme with a select number of intermediaries, with plans to roll the offering out to the wider market in Q2.

The bridging range includes regulated, unregulated, refurbishment, and first- and second-charge products.

“The response to our proposition has been exceptional and shows how our understanding of the specialist bridging market can fill a niche and support the needs of the most demanding of brokers,” said Jim Baker, sales director of bridging at Spring Finance (pictured above, right).

“BuildLoan has an enviable and long-established reputation in the market, and it speaks volumes that we were their lender of choice for this loan.”

Mike Cartwright, short-term finance specialist at BuildLoan, added: “Spring Finance is new to the bridging market, but the depth and level of experience in their team meant we were very happy to work with them from launch.

“The understanding of the deal and surety provided by the credit-backed terms gave us the confidence to proceed.

“From there on in, the underwriting process was slick, personal and no-nonsense.”

Spring Finance is expected to launch its specialist bridging proposition to the wider market in the coming weeks.

More details on how the soft launch was received by brokers can be expected in the next issue of the Bridging & Commercial Magazine, out mid-June.

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