Dragonfly Property Finance has taken a £3m bridging loan to an offshore structure from application to completion in five days.
The borrower of the bridging loan was based in the British Virgin Islands; the broker — of MCIFA Property Finance — in Barbados and the client’s lawyer in Courchevel, France.
The loan, arranged for business purposes, was secured against a “super-prime” London property.
Dragonfly allowed the borrower to be represented by its own solicitors, as they had also worked for the client over a number of years. One of the legal partners spent a day at the Dragonfly office to get the deal done, while the other, representing the client, was in France.
“Dragonfly pulled out all the stops to make this deal happen,” explained Paul Munford, CEO, MCIFA Property Finance.
“Logistically, it was challenging to say the least but everyone dug deep and somehow it came together in under a week. Dragonfly have a reputation for speed, even with more complex and sizeable loans, and this deal certainly reinforces that.”
Jonathan Samuels, CEO, Dragonfly Property Finance, added: “The fact that the loan was arranged so close to Christmas and that the key parties were scattered all around the world shows what can be achieved if the right team and introducer are in place.”