Lender completes record £11.1m regulated bridge

Specialist lender Masthaven Finance has announced the completion of a £11.1m regulated bridging loan, a company record, in just five days.

The loan was for a client of Positive Lending who had been let down by another lender and was already in his notice period and in danger of losing his £1.3m deposit.

The project involved three properties with the first at £13m being purchased as a principle residence by a non-domiciled UK citizen, who also put up two other properties on which Masthaven could take supplementary security.

Steve Brennan’s underwriting team swung into action with legals and valuation paid on the day the case came in so senior underwriter Gemma Salousti was able to instruct valuation immediately and send out the full pack that day.

All three valuations were carried out the following working day and reports were received 24 hours later while the rest of the underwriting process was completed within a further 48 hours as the client flew in to sign the paperwork.

The relationship between Masthaven and Positive Lending is already a close one due to the work of Head of Sales & Marketing, Neil Molyneux, who has been responsible for servicing the Positive Lending account. Thanks to those ties, the two teams were able to communicate so effectively.

Andrew Bloom, Managing Director at Masthaven Finance, said: “We pulled out all the stops. To be able to go from application to completion in such a short timeframe required a huge team effort but we have always prided ourselves on our ability to provide the best service and this case illustrates why so many intermediary firms turn to Masthaven to get the job done.

“This result is down to teamwork and involved every department from sales, underwriting and credit including the directors to ensure that Positive Lending’s client was able to buy the property he wanted in the tight timescale left to us.”

Chris Fairfax, Managing Director at Positive Lending, added: “Masthaven stepped in after another lender had decided not to proceed. Their ability to bring this to a successful conclusion was a testament to a strong relationship between the two companies and Masthaven’s ‘never say die’ attitude to get the job done. Thanks to their professionalism, we have a very happy client.”

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