Lendhub completes £2.5m commercial bridging loan
Specialist lender, Lendhub have announced the completion of a £2.5m commercial bridging loan in north west London.
The borrower, introduced to Lendhub by Mantra Commercial, part of the Mantra Capital Group, had previously purchased a commercial block consisting of six office units.
Having already sold one of the units, extra funds were required to exit an existing facility and prepare the remaining units to enable the borrower to re-market these for sale which was delayed last year due to the pandemic.
Asim Shirwani, pictured, Chief Commercial Officer, commented:
“We are extremely pleased to start 2021 with a great completion for Mantra.
Despite the challenges from last year, Mantra remained prolific and we continue to deepen our excellent working relationship.
Although somewhat quirky, the deal sailed through largely thanks to open lines of communication between all parties and agile and sensible decision making.”
Rickesh Patel, Partner Mantra Commercial, commented:
“We’re delighted to secure our first completion of 2021 with Lendhub, who have become a core partner to our business.
The deal itself wasn’t straightforward, with many moving parts and a tough macroeconomic climate to take into consideration but Lendhub demonstrated why they are quickly becoming a market leader in the short-term lending sector.
Lendhub made their position clear on this deal quickly and executed with speed & skill.
We are looking forward to doing many more deals with them over the course of 2021 and beyond”.