Masthaven Finance has completed an £11.1million regulated bridging loan for a client of Positive Lending in five days.
Chris Fairfax, director at Positive Lending, had a client who had been let down by another lender and was already in his notice period, so in danger of losing his £1.3 million deposit.
The case involved three properties. The first one at £13 million was being purchased as a principal residence by a non-domiciled UK citizen, who also put up two other properties on which Masthaven could take supplementary security.
The legals and valuation paid on the day the case came in, the senior underwriter was able to instruct valuation immediately and send out the full pack that day. All three valuations were done on the following working day and reports were received 24 hours later.
The rest of the underwriting process was completed within a further 48 hours, with the client flying in to sign the paperwork.
Chris Fairfax, managing director at Positive Lending, said: “Masthaven stepped in after another lender had decided not to proceed. Their ability to bring this to a successful conclusion was a testament to a strong relationship between the two companies and Masthaven’s ‘never say die’ attitude to get the job done. Thanks to their professionalism, we have a very happy client.”
Andrew Bloom, managing director at Masthaven Finance, said: “We pulled out all the stops. To be able to go from application to completion in such a short timeframe required a huge team effort but we have always prided ourselves on our ability to provide the best service and this case illustrates why so many intermediary firms turn to Masthaven to get the job done.
“This result is down to teamwork and involved every department from sales, underwriting and credit including the directors to ensure that Positive Lending’s client was able to buy the property he wanted in the tight timescale left to us.”