The funding was required for a London-based customer to repay their existing mortgage and carry out refurbishment work on an £8m property.
The case was introduced to Masthaven by Enness, a specialist and luxury property brokerage, because of the banks track record of completing loans promptly with competitive rates.
Using the bank’s online broker portal, credit-backed terms were issued and solicitors instructed on the same day.
Despite challenges facing the market due to COVID-19, the valuation was able to be carried out the next working day, with the report delivered that same afternoon.
Masthaven underwrote the case and worked alongside Enness to close the deal in just five working days of receiving the initial case 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, 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.”
Original article featured here…