Lancashire Mortgage Corporation (LMC) has completed on two bridging loans worth £11.25 million.
The commercial lending brand said the deals were part of its strategy to grow its larger loan distribution.
Staffordshire-based finance broker James Evans worked with LMC to complete the loans. The first £6.25 million loan was for a client that required a short-term funding facility to redevelop 550 acres of land and a number of commercial buildings. The second funding deal of £5 million was for a London property developer to purchase a large central London investment property. LMC were able to complete the short-term funding within five days.
These deals were completed within the same month and in both cases LMC were able to review, approve, agree the terms and instruct solicitors within 24 hours.
LMC’s drive to increase the number of larger loans it distributes directly and through its broker network has resulted in it financing a number of high value deals in recent months, from development properties, to conversions, to change of use properties.
Gary Bailey (pictured), sales director at Lancashire Mortgage Corporation, said: “These cases reflect our ever increasing appetite for larger loans, which has been demonstrated in our lending figures over the last 12 months.
“The commercial building case was unusual as the applicant had set up a Special Purpose Vehicle entity for an offshore company, a factor which may have resulted in other lenders refusing to finance it. However, our common sense approach to lending and commitment to supporting the growth of our commercial clients meant we were able to find a solution that was right for the client.”
Chris Evans, director at James Evans Financial Services, added: “These were unique cases and we were pleased to be able to work so closely with a lender whose knowledge and experience enabled us to find a positive outcome for a fantastic client.
“We look forward to developing our relationship with Lancashire Mortgage Corporation to support the commercial needs and ambitions of our clients in future.”