Masthaven rescues client from defunct lender

By Bridging Loan Directory -

 

MasthavenMasthaven Bridging Finance has helped clients of Savills Private Finance (SPF) refinance when faced with a demand from a bankrupt lender for the immediate return of a £2.3 million loan.

The clients own a property in the Enfield area of North London valued at £3.4 million and had initially applied to another bridging lender to replace the loan. However, having agreed to do the loan, the offer was withdrawn at the last minute because of a credit issue, even though it had been disclosed at the outset.

Masthaven was then approached by SPF to try and provide the service and thanks to the package of information provided by SPF, Masthaven was able to provide the necessary finance almost immediately and completed the £2.3 million loan.

Richard Deacon, Sales & Marketing Director at Masthaven Bridging said:

“This is another example of Masthaven’s relationship with a trusted and professional introducer paying dividends for clients. Thanks to our underwriter working closely with SPF, we were able to bring this case to a successful conclusion and I am happy to report the borrowers got the result they were after in the end.”

Andre Bartlett, Associate Director at Savills Private Finance, commented:

“We had the deal proceeding with another lender and after a successful valuation they decided they were declining the deal at the 11th hour. Masthaven were straight on to it and despite needing a new valuation they got the offer issued and the deal completed on time. It is always good to see a deal, where you have put in so much time, pay off and thanks to Masthaven for another completion when under pressure!”