Niche Financial Solutions has completed a £1 million bridging loan through Dragonfly in less than three days.
The loan, for £1.12 million, was secured on six flats in North London and was used by the client to fund further portfolio purchases.
The application arrived on Friday afternoon and was immediately agreed. The valuation was carried out at 9am on the Monday morning and, by lunchtime, the case was offered. By Tuesday all the necessary paperwork and legal searches had been completed and the funds were released to the client early Wednesday afternoon.
“I’ve always been sceptical about stories in the media on bridging loans being turned around in just a few days, but this has proved me wrong,” said Malcolm Scanlon, partner, Niche Financial Solutions.
“The industry is considerably quicker than it was pre-crash and this is encouraging to see. Many of the bigger lenders have the financial strength and systems in place to bring deals together in time periods that simply weren’t possible five or six years ago.”
Mark Posniak, head of sales and marketing, Dragonfly Property Finance, added: “For a loan to complete in these kinds of timeframes it’s about more than just the lender. The surveyor, solicitors and Niche were all on the ball throughout and it was their attention to deadlines and the detail that made it happen.”