Exclusive: £15m bridge breaks 2 records

A bridging lender and specialist packager have joined forces to complete their largest respective deal to date, a £15 million bridging loan.

Precise Mortgages completed the loan on a high-end residential property in Prime Central London, which was packaged by Brightstar Financial.

The owner received a £15.15 million net loan, which was secured over his current main residence and the new property, also in Prime Central London. The value of the two properties the loan was secured against came to around £22.5 million, and as he is selling his main residence it is a regulated loan.

The gross loan amount is £16,720,702.21 and the LTV is at 72.7 per cent.

Precise Mortgage’s loan is being used to take out the first charge lender on his current main residence and the remaining amount of the loan will help towards purchasing his new property and refurb costs.

When the borrower sells his property he’ll be able to repay most of the loan back, and after the full refurb takes place on his new residence he’ll refinance into a longer term loan and will be able to repay the bridge.

B&C understands that there were two other leading bridging lenders in the running to complete this particular deal.

Alan Cleary, Managing Director of Precise Mortgages, told B&C: “There was a lot of competition in the market for this deal but our team and Brightstar Financial worked around the clock, over weekends and during respective holidays to complete the deal over the line. Everyone involved in the deal deserves a lot of credit and praise for the work put in.

“This is our largest bridging loan to date, with our previous largest loan totalling £6.9 million. It emphasises the fact that if quality loans come up that we work tirelessly and are able to facilitate funding for them. We have worked with Brightstar for quite some time now, but it was a real pleasure to complete this deal with them, further highlighting their professionalism and service excellence.”

Rob Jupp, CEO of Brighstar Financial, added: “We’re delighted to have completed this deal, which represents our single biggest deal so far. One of the main factors which enabled us to complete was the level of excellence of all parties involved, including the broker.

“The case involved frequent calls between our two firms, even when staff were on holiday, and also saw members of Precise’s team working through to midnight and running around at six in the morning in order to get the COT (Certificate of Title) to solicitors in Wales.

“Huge credit needs to go to Precise. Though many lenders will talk about doing these jumbo loans, I expect very few will be able to deliver in the way that Alan and his team at Precise have in this instance.”

Alan added: “Next week, through B&C I’ll be exclusively revealing our interest calculation in this bridging deal to show how much money we have saved the client in this instance and to further emphasise how we’re the cheapest lender in the market.”