Dragonfly Property Finance has completed a £21m bridging loan on a mixture of 70 residential, commercial and industrial properties across the UK.
The client, a UK-based special purpose vehicle, introduced by First Wealth Management, was able o refinance from one high street bank, where it had a loan approaching term to another major UK lender.
Jay Bhogal, senior real estate finance specialist, First Wealth Management, said: “Dragonfly are a breed apart when it comes to large, complex loans. Bridging is usually about speed but on this occasion the complexity of the loan, and the way Dragonfly processed it and stuck to the timeframe, stole the day.
“70 valuations across commercial and residential over a four-month period is no mean feat. The can-do attitude of Steve Clinning at Howard Kennedy and the diligence of the client were also invaluable and added to the seamless delivery of the loan.”
“At Dragonfly, we pride ourselves on being able to handle even the most complex loans and this one was certainly up there, ” said the short-term lender’s head of credit and servicing, Matt Smith.
“But a lender is only as good as the introducer and Jay’s forensic understanding of our requirements and his client made the structuring of the loan considerably easier.”