Ranncorp completes wave of bridging deals

The principal bridging lender, which provides first charge loans, is led by managing director Andrew Fisch (pictured above).  

Andrew has been in bridging since 2010 as a funding partner and has scrutinised and funded almost 300 loans.  

The launch of Ranncorp represents the team's move to provide end-to-end bridging finance solutions utilising their extensive experience, efficiency and best-in-class technology.

The first deal saw a newly self-employed borrower approach Ranncorp when no mainstream lender would assist in providing finance. 

She had no proof of income, but substantial overseas assets.

With no permanent residence in the UK and a non-UK passport, she was a homeowner, but had no previous mortgage. 

Ranncorp was able to assist her in purchasing a three-bedroom property in Chelsea for investment purposes with a first charge loan of £535,000. 

The broker who worked on the case praised Ranncorp, which managed to provide an offer within the hour. 

“I found Ranncorp to be extremely clear, honest and straightforward throughout the process and they delivered as promised. 

“I would recommend anyone looking for a high-end bespoke bridging service to try Ranncorp. 

“They never fail to deliver and really are a quick, honest and reliable source of bridging finance. 

“They really are very impressive.”

The second deal saw Ranncorp come to the aid of a developer who had completed a 24-flat scheme in Tring, but was looking to raise cash to pay off the current lender as well as purchase another site.

As the sales process had taken longer than anticipated – due to sluggish market conditions – the borrower needed a facility. 

Ranncorp assisted with a first charge loan of £1.85m to a UK limited company, with the process taking seven working days.

“I’ve dealt with many banks over the last 20 years, but have never had such [a] prompt, smooth and professional service as I have just experienced with Ranncorp,” said PMA, the mortgage broker involved in the deal.

“If you value personable and excellent customer service and are looking for a company who know their business inside out and can perform, then Ranncorp should be your first call.  

“I highly recommend them and no doubt will be using their services again in the near future.”

Finally, Ranncorp was approached late on a Friday by a borrower who needed to raise capital on three flats in Walton-on-Thames. 

The capital would allow them to purchase the freehold of a substantial house in Weybridge.

Notice to complete had already been served and the completion deadline was imminent. 

Given the time constraint, Ranncorp accepted a rewritten valuation on the flats.

However, the legal process was complicated by planning issues which required indemnity policies. 

Despite this, the process was completed and a first charge loan of £562,000 was provided in a very short period of time to allow the completion. 

Tom Reynold and Stuart Bradney of Carbon Funding Consultants – the mortgage brokers who worked on the case – said that they had been in the industry for 17 years and had never experienced such speed of service.

“The process was second to none in terms of updates throughout, terms offered and completion within 72 working hours from point of enquiry. 

“I would not hesitate to recommend Ranncorp for any of our clients’ bridging needs.

“Having worked on a variety of deals with Ranncorp, we can say that – without exception – [it has] grasped a deal immediately and dealt with the entire process in a refreshingly unambiguous and pragmatic manner that has been well received by our clients on each occasion. 

“All of which has been done at great speed.”