Bridgebank Capital completes £10.8m Central London bridging loan in 6 days
Bridgebank Capital have completed a £10.8 million bridging loan on a central London property, for an experienced, high volume Residential Developer. The case was introduced to them by Malcolm Scanlon of Niche Financial Solutions.
The Bridgebank Capital underwriting and loan processing teams together with their property lawyers completed the loan process from acceptance of offer through to drawdown in only 6 working days. This completion demonstrates Bridgebank Capital’s ability to deliver loans of this size with the speed and professionalism required.
Bridgebank Capital have been heavily promoting that they will consider bridging loans of any size and have substantial funding capacity. This completion represents a milestone benchmark as absolute evidence that Bridgebank Capital have the capability and appetite to deliver these large ticket bridging loans.
Laurence H Goodman FCA, Group Managing Director stated:
“This was a multifaceted deal involving difficult planning matters and offshore corporate structures. The borrower and their supporting professional team were of the highest quality, with extensive experience in the property sector. This case has demonstrated that the knowledge and experience of the senior staff within Bridgebank Capital and our supporting Legal team can deliver loans at this level, working alongside other property professionals.
We have an appetite to build from this and are currently processing loan applications to a value in excess of £88 million on large loan case loans alone”.
As Bridgebank Capital lends against the valuation of the property, the actual amount advanced on this case represented 80% of the cash required to complete the transaction.
Malcolm Scanlon, Partner and Head of Lending at Niche Financial Solutions, the Broker on this case commented:
“ I have worked extensively with my client during the last 3 years on a number of projects. Following initial discussion regarding this particular project, it was agreed that bridging finance was needed in order to complete the property purchase. Bridgebank Capital reacted very quickly and carried out a detailed underwriting assessment of both the client and the asset being acquired. The satisfactory outcome of their due diligence led them to agreeing to provide debt funding on a nine month bridging loan. As with most bridging deals, there was a limited time frame for completion. Bridgebank’s commitment to get this deal over the line on time was impressive. Carl Graham their head of large loans and Adam Powell my relationship BDM, supported me throughout the process and I must give them the highest of praise for the work they carried out on this case.
Despite the level of complex work required to bring this case to completion, the lender, their solicitors and the clients legal team worked exceptionally hard, often late into the night, and demonstrated a team ethic to work well together, and as a result the completion deadline was met. As a Broker this was my first completion with Bridgebank and you can always be a little nervous of issues that could arise during the process, but this was not the case and Bridgebank did exactly what was required of them”.
As part of Bridgebank Capital’s growth into the larger loan sector, a new ‘Large Loans’ team has been created, with a view to appointing further specialist staff to enhance the capabilities of this division. Further announcements will be made regarding this division in due course.