A bridging lender has completed a £10.8 million bridging loan on a central London property, in just six days.
The case, introduced by Malcolm Scanlon of Niche Financial Solutions, was for an experienced high volume residential developer.
Bridgebank Capital’s underwriting and loan processing teams, together with its property lawyers, completed the loan process from acceptance of offer through to drawdown in only six working days.
Laurence Goodman, Group Managing Director of Bridgebank Capital, said: “This was a multifaceted deal involving difficult planning matters and offshore corporate structures. The borrower and their supporting professional team were of the highest quality, with extensive experience in the property sector. This case has demonstrated that the knowledge and experience of the senior staff within Bridgebank Capital and our supporting Legal team can deliver loans at this level, working alongside other property professionals.
“We have an appetite to build from this and are currently processing loan applications to a value in excess of £88 million on large loan case loans alone.”
The amount advanced on this case represented 80 per cent Loan to Value.
Malcolm Scanlon, Partner and Head of Lending at Niche Financial Solutions, commented: “I have worked extensively with my client during the last 3 years on a number of projects. Following initial discussion regarding this particular project, it was agreed that bridging finance was needed in order to complete the property purchase.
“Bridgebank Capital reacted very quickly and carried out a detailed underwriting assessment of both the client and the asset being acquired. The satisfactory outcome of their due diligence led them to agreeing to provide debt funding on a nine-month bridging loan. As with most bridging deals, there was a limited timeframe for completion. Bridgebank’s commitment to get this deal over the line on time was impressive.
“Carl Graham, their head of large loans, and Adam Powell, my relationship BDM, supported me throughout the process and I must give them the highest praise for the work they carried out on this case. Despite the level of complex work required to bring this case to completion, the lender, their solicitors and the client’s legal team worked exceptionally hard, often late into the night, and demonstrated a team ethic to work well together, and as a result the completion deadline was met.
“As a broker, this was my first completion with Bridgebank and you can always be a little nervous of issues that could arise during the process, but this was not the case and Bridgebank did exactly what was required of them.”
As part of Bridgebank Capital’s growth into the larger loan sector, a new ‘Large Loans’ team has been created, with a view to appointing further specialist staff to enhance the capabilities of this division. Further announcements will be made regarding this division in due course.
Leave a comment