Stretton Capital completes £3.17m bridging loan in just 6 working days
By Bridging Loan Directory -
Stretton Capital the specialist bridging and development finance lender has completed a £3.17m bridging loan in just 6 working days.
The security, a vacant office block with Permitted Development Rights to convert into 159 apartments, was being purchased from the receiver, hence the extremely tight deadline.
If it did not complete in time, the borrower was in danger of losing £550k.
Stretton were approached by John Waddicker of Positive Commercial who asked them to consider the deal for a long standing client of his.
The case was managed from start to finish by Natalie Smethurst, Director of Risk & Recovery at Stretton Capital and legal representation was provided by Primas Law.
Mark Harrison, Director of Business Development, Stretton Capital commented:
“This was a model case where all the professionals involved in the transaction pulled together to deliver a testing case over the line within the short time scale requested by the client.
Natalie Smethurst went above and beyond to ensure the loan completed in time and weekend/late night phone calls and emails between her and our fantastic lawyers, Yasmin Musker and Katy Williamson at Primas Law, meant that we completed the loan on time, just as we promised”.
“It also helps when you have an excellent, responsive broker working with you and John Waddicker was his usual calm self and responded to information requests quickly and simply and that is key to a quick transaction”.
John Waddicker, Director, Positive Commercial said:
“Really impressed with how Stretton took the bull by the horns on this urgent requirement. The issues which presented themselves were dealt with quickly and pragmatically by Mark & Natalie. There are very few lenders who can complete so quickly”.