Dragonfly Property Finance has completed on a £1 million bridge for a Limited Liability Partnership in 48 hours.
The bridging loan, for £1.05 million against a purchase price of £1.7 million, was used to acquire a prime apartment on Ebury Street, Belgravia. The property was purchased through a complex LLP with five members, including two US citizens.
Although a term mortgage had been agreed with a major bank, the lender was unable to complete in time. If the bridge had not been completed in the short window, the client would have lost both the property and their deposit of roughly £200,000.
The loan was introduced to Dragonfly Property Finance by West Midlands-based James Evans Financial Services.
Chris Evans, director of James Evans Financial Services, said: “Dragonfly saw this loan through under huge amounts of pressure, as the clock really was against my client. They were professional, kept all parties informed throughout and just got on with it.
“By rescuing this purchase they have added huge value to my relationship with a valuable client and I look forward to doing more deals with them moving forward.”
Mark Posniak, head of marketing & operations, Dragonfly Property Finance, added: “Potentially losing your property and deposit because a lender can’t make your deadline fills every property investor with dread. But this is a perfect example of where a bridge can help out, buying you all important time, keeping the deal alive and – most importantly, perhaps – protecting your deposit.
“We were also helped by the fact that both sets of solicitors knew each other well and were completely focused on meeting the deadline.”