Short term specialist lender Cheval has revealed that it has completed a £1.25 million loan within three working days of receiving the initial enquiry.
The ‘complex bridge’ application was received at Cheval’s Watford base on a Thursday and funds were cleared by that Monday afternoon. In the interim, Cheval had to assess whether there was sufficient security, corroborate the applicants’ transnational credentials and the adequacy of their refinancing arrangements.
Although the loan fell within the lender’s £1.5 million lending ceiling, Cheval says the transaction was not straightforward and a number of ‘moving parts’ had to be dealt with.
Cheval’s CEO Alan Margolis said: ‘This loan was a real challenge. The Cheval monies were required to meet overseas corporate commitments with an absolute immoveable deadline. Documents had to be provided from the United States and elsewhere, and everyone worked over the weekend to get the job done. Failure would have been disastrous for our borrowers and against the odds the loan completed in just three working days.”