Borro and Creative Commercial Funding complete £2.9m bridging loan
Aidan Tiernan, Managing Director of master broker Creative Commercial Funding, approached Borro after other lenders turned the deal down, knowing his client was facing a deadline.
One of the previous lenders had gone as far as having the property valued so Borro immediately approached the previous surveyors to request a re-type. The plan was to avoid any additional delays, or spend for the client. However, Borro’s request was turned down.
‘I was really frustrated when we heard,’ explained Claire Barrington-Jones, Director of Sales, ‘although the surveyors were well within their rights to refuse, it added an extra step to the process for our client.
Borro were quick to find a solution, a surveyor from its own panel was instructed. The new surveyor was at the property the following morning, verbal feedback was provided that afternoon, and a full written report was provided less than 24 hours after.
‘Finding fast solutions is a key part of our offering,’ Claire Barrington-Jones continued, ‘we make sure we have partners that move as quickly for our clients as we do ourselves.’
Creative Commercial Funding was integral to this, working with Borro’s underwriting team to ensure that all the information required was well packaged to ensure the most efficient underwriting process.
“Harriet and the Borro team made themselves available 24/7 from start to finish. It was great working with a team equally dedicated to meeting tight deadlines and surpassing client expectations,” Aidan Tiernan commented.
The final piece of the puzzle was working with the client themselves. Creative Commercial Funding arranged a site visit, attended by Steve Brennan, Borro’s Director of Property Lending.
‘In my experience, when you have time sensitive situations and external issues, one of the best ways to keep things moving forward is meeting the client personally,’ Steve Brennan explained, ‘it gives the client comfort, and it allows you as the lender to understand the case in a way that you can’t from just paperwork.’
A matter of days after meeting the client legals were completed and funds were transferred to the client. Maintaining this level of service and flexibility will be key to Borro’s growth, as it targets £100m in bridging loans by the end of 2016.