Bridging lender completes £5.9m before official launch
A new bridging loan lender is testing the market with a plan to launch in 2017. They are looking to lend on both residential and commercial property and have completed a number of deals pre launch.
Holly Andrews, managing director of Keeping It Simple Bridging Loans, told Bridging Loan Directory that her company had completed four deals with the lender during November, totaling £5.9m.
One was on land with outline planning permission.
One was to gain back control of a repossessed property so that the owner could smarten it up and sell it on his own terms.
One was 70% LTV on a property in London – the borrower had sought funding from a different lender but switched to the new firm when the original’s valuation fell short at 65% LTV.
Client called us on a Monday morning requiring funds urgently for a business opportunity. Using an investment property that he owned outright as security, we completed the loan on the Wednesday morning. From application to completion (money actually in the client’s bank account) was just 46 hours.
This quick completion was made possible by a lender who can send funds out immediately, to a very efficient solicitor. In this case the client’s solicitor was also very efficient, and worked within their client’s tight timeframe.
Holly Andrews, managing director of Keeping It Simple Bridging Loans commented:
“As a bridging broker what has impressed us most is the common sense approach to lending. The people behind the lender have considerable experience of acquiring properties, and consequently have themselves had to arrange many finance facilities for themselves. They will be a lender who understands their customers’ requirements, and react accordingly. Another reason why myself and the rest of the team at Keeping It Simple Bridging Loans are excited about this lender’s launch next year.”