Montello steps in when other lender disappoints

Montello steps in when other lender disappoints



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London based lender Montello Bridging Finance, has recently completed a transaction for a borrower that was let down by another ‘leading name' bridging finance company. 

The loan, for over £700,000, was advanced over a property in London’s prime area of South Kensington. The loan was done at a 60 per cent LTV and at an interest rate below 1 per cent per month.

Montello completed the transaction in a number of days. The previous bridging lender had been working on the transaction for three weeks (and was still working through legals), before the borrower decided to approach Montello. 

The borrower had been directed to the other bridging company by a packager that had a special relationship with that lender. However the borrower, frustrated with the situation, ended up coming to Montello direct.

Commenting on the deal, Christian Faes, Managing Director at Montello, said: “This is a classic situation we are seeing at the moment, and this is certainly not an isolated incident. Many bridging finance companies in the market are simply over-promising and under-delivering. The transaction we have just completed in South Kensington was very straightforward. There was no reason for the borrower to wait three weeks for the bridging lender to do the deal.

 “At Montello we are backed by very flexible capital, and in-house legal and property expertise, and this allows us to make decisions, move quickly and complete deals quicker than any of our competitors.”

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