Tuscan Capital bridging loan saves client deposit

By Bridging Loan Directory 23rd August 2022

Tuscan Capital and Knight Frank Finance have worked together to complete a £2.1m acquisition bridging loan in two weeks.

The property, located in Virginia Water, was purchased by an overseas buyer, and needed an urgent bridging facility.

Tuscan funded 70% LTV and utilised their new fast track bridging process to get the deal completed, a full RICS valuation was instructed, which was turned around extremely quickly.

Mark Steinle, Knight Frank Finance, said:

“I approached Tuscan Capital needing a lender who could complete in a 2 week timeframe otherwise my client was going to lose the property and a c.£600k deposit. Steve and Tuscan immediately gave me the confidence it could be achieved.

It has emphasised to me how quickly deals can be done with motivated lawyers, valuers, lenders, introducers, and clients!

I am looking forward to working again with Tuscan in the future, I believe their flexibility and ultimately deliverability is their greatest strength.”

Stephen Palfreeman, Senior Associate, Tuscan Capital, added:

“This deal perfectly illustrates how effective our new fast track process can be. Getting a deal of this size, completed in two weeks and during peak holiday season, is a fantastic achievement by the whole team.

I know most bridging lenders will try and say that speed is one of their USPs (ourselves included) however this loan really did prove that.

It was great to complete my first deal with Mark, he put together a strong information pack from the outset and any information requests we needed he provided quickly.

There have been some really important improvements to our process at Tuscan, so hopefully it should allow us to be easier to deal with going forwards.”

Colin Sanders, CEO of Tuscan Capital, said:

“It’s good to see our fast track process being used to good effect.

With a motivated borrower, a switched on broker and with lawyers fully engaged and proactive, this case is a perfect example of how bridging finance can be closed within just a few working days.”