The loan was required to fund the refinance, by a trust, of a small portfolio of properties for investment purposes and had to be arranged within 72 hours if the deal was to go ahead.
The broker packaging the deal was Positive Lending, while Aztec Property Valuers and Pure Law provided the necessary surveying and legal support needed to complete the deal in the required timeframe.
Chris Fairfax, managing director, Positive Lending, said: “Bridging loans of this nature are relatively rare but provide a wonderful challenge to both packager and lender. This case was a true collaborative effort and I must thank the entire team at Drawbridge who acted with their usual enthusiasm and diligent professionalism. At Positive Lending, we’ve been working hard to perfect our bridging service for intermediaries and this rapid, seamless completion reflects that.”
Mark Posniak, head of marketing and operations at Drawbridge Finance, added: “This was an extremely complex case but it was brought to completion in an unbelievably short timeframe due to the commitment of all involved. Speed and collaboration are key to bridging and this deal is a great example of both.”