Masthaven Finance has announced the completion of a £4.2m regulated bridging loan for Savills Private Finance (SPF) in four days.
Andre Bartlett of SPF said that Masthaven had saved the day for his firm, its client and its introducer.
“An existing client approached us for bridging finance to enable him to complete on the purchase of his new home,” he explained.
“Unfortunately, his buyer had withdrawn from the sale of his current home despite exchanging contracts. We initially approached a bridging lender who wasn’t able to proceed after several weeks of precious time having been wasted. At this point the client was on notice to complete and running out of time. We then approached another ‘market leading rate’ lender, who also frustratingly let him down.
“We approached Masthaven because we had confidence that with their expertise they could respond to the tight deadline of a four-day completion. One of the things which sets Masthaven apart from other lenders is their ability to get things done. Andrew Bloom even carried out a client visit on a Saturday night. Their ability to understand quickly the circumstances and have a number of people working on the loan at the same time meant that the client was lent the amount to complete on his purchase.
“We have been shown time and again that Masthaven understand complex deals and can deliver their expertise when there is a tight completion. Our introducer is extremely happy and a client who looked like they would lose £300k by not completing, is in their new home and we have completed another deal together.”
Andrew Bloom (pictured), managing director at Masthaven Finance, added: “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 SPF’s client was able to buy the property he wanted in the tight timescale left to us.”