London-based short and medium term lender Dragonfly Property Finance has completed a £3 million bridging loan to an offshore structure in just five days.
The deal, arranged in the days leading up to Christmas, was logistically challenging, as the borrower of the bridging loan was based in the British Virgin Islands, the broker — of MCIFA Property Finance — in Barbados and the client's lawyer in Courchevel, France.
The loan - arranged for business purposes - was secured against a super-prime London property.
Uniquely, Dragonfly allowed the borrower to be represented by the lender’s own solicitors, as they had also worked for the client over a number of years. One of the legal partners in question spent a day at the Dragonfly office to get the deal done while the other, representing the client, was on the slopes in France.
Paul Munford, CEO at MCIFA Property Finance, said: "Dragonfly pulled out all the stops to make this deal happen. Logistically, it was challenging to say the least but everyone dug deep and somehow it came together in under a week.”
“Dragonfly has a reputation for speed, even with more complex and sizeable loans, and this deal certainly reinforces that."
Dragonfly Property Finance’s CEO, Jonathan Samuels, added: “The fact that the loan was arranged so close to Christmas and that the key parties were scattered all around the world shows what can be achieved if the right team and introducer are in place."
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