Pink Pig completes first deal with Cheval
By Bridging Loan Directory -
Wales-based packager Pink Pig Loans has completed its first deal with Cheval.
The Cardiff packager, which only recently added the bridger to its panel, needed a swift turnaround on a relatively complex case.
The deal involved the borrower raising funds against his unencumbered family home in West London to purchase a lease for a new business. During the course of underwriting, it transpired that the borrower had accumulated debts that were approaching default.
Cheval took the decision to lend the borrower additional funds to settle the outstanding debts, but this was further complicated by the borrower negotiating discounts with his creditors. Ultimately, Pink Pig and Cheval ensured that the borrower had sufficient funds to meet his requirements, with the ‘exit’ from the bridge being the sale of his home.
James Rainbird, managing director of Pink Pig Loans, said:
“After an initial conversation with Neil Molyneux, the Cheval BDM, I was able to go back to my broker within 20 minutes and this helped me secure the deal.”
“Cheval actively managed the case and ensured all outstanding information was chased to ensure that the case completed within the required timeframe. The completion funds hadn’t even left Cheval’s bank account and we were being chased for our bank details so that our commission could be paid at the earliest opportunity.”
Gavin Diamond, finance director at Cheval, said:
“This case was not straightforward, which enabled us to really demonstrate our expertise to James and his team. I have no doubt that this is the start of a close on-going relationship between ourselves and Pink Pig Loans.”