Masthaven Bank has completed a £3.5m bridging loan in just five working days. The funding has enabled its London-based customer to repay their existing mortgage and carry out refurbishment work on an £8m property.
Enness — a specialist and luxury property brokerage catering to hight-net-worth clients — introduced the loan to Masthaven because of its track record of completing loans quickly and with competitive rates.
Credit-backed terms were issued using the bank’s online broker portal, with solicitors instructed on the same day. The valuation was carried out the next working day, with the report received that same afternoon. Masthaven underwrote the case and worked with the broker to close the deal in five working days of receiving the application, lending a total of £3.5m.
Chris Lloyd, vice president at Enness said: “This case was all about speed, which meant communication was key.”
Chris worked with Jim Baker, head of business development for short-term lending at Masthaven, to ensure the customer received a credit-backed DIP quickly, which outlined the terms and requirements needed to proceed.
“The customer is incredibly pleased with the product and the quick turnaround.”
Alan Margolis, director of bridging at Masthaven Bank (pictured above), added: “Bridging loans are about people, so I visited the customers at the property to establish a personal relationship from the outset.
“Given the challenges facing the market as a result of the coronavirus crisis, we were really pleased to have been able to turn the loan around so quickly, delivering a great outcome for our customers.”