Positive Lending has revealed that it completed a £10m bridging loan with United Trust Bank in under three weeks.
The deal was provided to an ultra-high net worth international client purchasing a main residence in prime central London.
Following the exchange of contracts the introducing broker experienced an unexpected delay in finance from a private bank. This meant a quick, short-term solution was required in under four weeks. As the private bank mortgage would not be offered prior to completion of bridging finance all professional parties involved worked hard to evidence value of global client assets held in various legal entities and jurisdictions and potential liquidity, if required, during the term of bridging finance.
Positive Lending introduced the case to Gerard Morgan Jackson, head of structured finance at United Trust Bank and aided by his team, Positive Lending and the introducing broker, the loan was drawn with four working days to spare.
Chris Fairfax (pictured), managing director at Positive Lending, said: “Significant loans on high-value single assets are increasing hard to fund. This loan was made more challenging by the complexity of the borrower’s global business interests, his residency status and evidencing liquidity if needed.
“In this instance United Trust Bank saw this client as ’eminently bankable’ and displayed great understanding of a complex transaction which enabled this loan to complete in good time.”
Morgan Jackson added: “In the current climate, a high value, single asset transaction for a high net worth international client would typically be sidestepped by most lenders. However, at United Trust Bank, we pride ourselves on being able to take on challenging cases and complete deals successfully.
“We always meet with our clients and it was at one of these meetings that we really got to grips with the case and what the client required and we were able to structure a facility that not only met their needs but also sat securely within the Bank’s risk appetite. This is one of the key advantages of dealing with a lender like United Trust Bank.
“We are able to act swiftly within a tight timeframe and offer bespoke solutions for proposals many of our competitors would not even consider.”