Bridgebank Capital has completed a £10.8 million bridging loan on a central London property.
The deal, for an experienced, high volume residential developer, was introduced to them by Malcolm Scanlon of Niche Financial Solutions.
The Bridgebank Capital underwriting and loan processing teams together with its property lawyers completed the loan process from acceptance of offer through to drawdown in six working days.
to show it has the capability and appetite to deliver large ticket bridging loans.
Laurence Goodman, Bridgebank Capital’s group managing director, said: “This was a multifaceted deal involving difficult planning matters and offshore corporate structures. The borrower and their supporting professional team were of the highest quality, with extensive experience in the property sector. This case has demonstrated that the knowledge and experience of the senior staff within Bridgebank Capital and our supporting Legal team can deliver loans at this level, working alongside other property professionals.
“We have an appetite to build from this and are currently processing loan applications to a value in excess of £88 million on large loan case loans alone.”
Scanlon added: “I have worked extensively with my client during the last three years on a number of projects. Following initial discussion regarding this particular project, it was agreed that bridging finance was needed in order to complete the property purchase.
“Bridgebank Capital reacted very quickly and carried out a detailed underwriting assessment of both the client and the asset being acquired. The satisfactory outcome of their due diligence led them to agreeing to provide debt funding on a nine month bridging loan. As with most bridging deals, there was a limited time frame for completion. Bridgebank’s commitment to get this deal over the line on time was impressive. Carl Graham their head of large loans and Adam Powell my relationship BDM, supported me throughout the process and I must give them the highest of praise for the work they carried out on this case.
“Despite the level of complex work required to bring this case to completion, the lender, their solicitors and the clients legal team worked exceptionally hard, often late into the night, and demonstrated a team ethic to work well together, and as a result the completion deadline was met. As a Broker this was my first completion with Bridgebank and you can always be a little nervous of issues that could arise during the process, but this was not the case and Bridgebank did exactly what was required of them.”
