Mercantile Trust completes bridging loan in three days
Mercantile Trust Limited has provided a bridging loan in just three working days. The specialist lender worked with The Loans Engine, a broker and packager, to meet a client’s urgent need for £65,000 to buy a motorhome.
The client had planned to sell a buy-to-let property in Kent as an exit strategy but faced an almost impossible five-day deadline to secure the funds. Mercantile Trust, however, met the challenge by using its in-house legal services and automated valuation models. A courier was also employed to deliver critical documents promptly.
The loan was issued at a monthly rate of 0.99% with a loan-to-value ratio of 75%. Remarkably, the funds were available just three days after the client’s initial enquiry, enabling the purchase of the motorhome at a lower cost than expected.
Steve Nobbs, head of unregulated mortgage broking at the Loans Engine, said: “We are truly delighted to have successfully concluded this case with such speed. Aware of the client’s tight deadline, we acted swiftly to ensure the case was completed on time.”
Maeve Ward (pictured), director of commercial operations at Mercantile Trust, added: “At Mercantile Trust, we pride ourselves in being able to pull out all the stops to get a deal completed quickly and this case was no exception.”