Spring Finance and high net worth specialist broker, Private Finance have completed a regulated bridging loan for the purchase and renovation of a Grade II listed MUFB with a £2.9m Gross Development Value (GDV).
Ryan Garbett of Private Finance approached Spring with this time sensitive and complex purchase.
The original lender was unable to meet the customers’ timeframe therefore they needed a lender that could promptly make a decision and complete within two weeks.
The applicants’ profiles, renovation plans (requiring various numbers of listed buildings consents), and complex exit were all presented in detail at the outset.
The loan was structured to fund the initial purchase and then provide stage drawdowns for extensive renovation works.
Delivery of this complex transaction was only possible with all parties working together with Spring’s appointed lawyer, David Eder of Harold Benjamin.
Claire Newman, director of bridging at Spring, said: “I am delighted with the speed and quality of the underwriting which enabled us to meet this tight deadline.
“Our strong broker relationships enable effective collaboration on time critical deals like this. This demonstrates the capability and can-do attitude of our underwriting team.”
Jim Baker, sales director of bridging of Spring, added: “Working with brokers of Ryan’s calibre is exceptionally rewarding.
“Ryan clearly outlined the deal’s strict requirements and provided the necessary information for a quick decision.
“We swiftly completed the purchase, showcasing Spring’s expertise and commitment to delivering exceptional customer outcomes.”
Garbett, director at Private Finance, concluded “Credit where credit is due – Spring Finance Limited have been absolutely brilliant on this complex deal. My clients and I are delighted.”
