Mercantile Trust completes £425,000 bridging loan in three days
It was secured against an unencumbered property valued at £940,000, with interest rolled.
Mercantile Trust has completed a £425,000 net first-charge bridging loan in three days.
The nine-month loan was provided to an experienced portfolio landlord who needed to repay bridging finance secured against another property before a fixed deadline.
It was secured against an unencumbered property valued at £940,000, with interest rolled.
The exit strategy was to refinance onto longer-term finance.
The lender’s underwriting team worked with solicitors on both sides, while title insurance was used to support the completion.
Tara Evans (pictured), CEO at Mercantile Trust, said: “Speed is one of the most important factors in bridging finance, particularly when a customer is working towards a fixed deadline.
“At Mercantile Trust, our manual underwriting and direct communication allow us to assess cases quickly, make practical decisions and keep everyone updated throughout the process.
“This was a strong case with suitable security and a clear exit strategy.”
Evans added: “By working closely with both solicitors from the outset, we completed the £425,000 loan in just three days and helped the customer meet their repayment deadline.
“The completion highlights Mercantile Trust’s practical approach to time-sensitive lending.
“Each case is individually assessed, allowing its underwriting team to understand the circumstances and respond quickly where the application, security and exit strategy support the borrowing.”
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