Bath & West executes first bridging deal

Bath & West executes first bridging deal




Newly-launched lender, Bath & West, has completed a £170,000 bridging loan, marking its first completion since its launch just weeks ago.

Newly-launched lender, Bath & West, has completed a £170,000 bridging loan, marking its first completion since its launch just weeks ago.
 
The lender, founded by former bridgingloans.com founder Martyn Smith, completed the transaction in just 14 days – after receiving the deal from a desirable brokerage on the 14th June.
 
It marks the first completion from the newly created lender, who in just one month has gone from “zero to hero”, accumulating a large number of enquiries.
 
The borrower, a property developer with a large portfolio of properties and businesses, secured the finance on a six-month period with a loan-to-value ratio of 70 per cent as he looked to finance a new development project.
After dealing with a number of complications with the security on the loan, Bath & West was able to repackage the assets in order to create a far more viable proposition and subsequently complete its first transaction.
 
Speaking on the success of the deal and the inaugural weeks of business, Martyn Smith, Director of Bath & West, said: “For a fledgling business I am delighted with this result and at the enquiry levels being experienced. We are continuing to develop previous and new relationships and will be appointing new professional broker partners in the coming weeks which follows the appointment of our new BDM early in August.”
 
Martyn has been in the industry since 1984, and previously launched bridgingloans.com, which became the first bridging lender to float on the stock exchange back in 2000.
 
The company, funded by both Fincorp and a number of other private funding lines, currently distributes its products through its panel of eight brokers; however Martyn and his team revealed that they have received a large amount of enquiries.
 

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