Bridging Vat, the specialist VAT lender, has completed its first loan following its founding by Alan Smith at the end of May.
It advanced £550,000 to a Birmingham based developer on the 22 June to cover the purchase of an old commercial property for development into residential units.
Smith, previously the chief executive at Vat Bridge, said “It’s fantastic for Bridging Vat to have got off the mark so quickly.
“We received the enquiry on our third day and were actually ready to advance this loan seven days later, but the transaction was a complicated involving a property purchase and a subsequent company purchase so the primary lender required longer to complete their loan.”
“It has been a very exciting four weeks for Bridging Vat, things are coming together much quicker than we could have hoped. July will see new members join the team and the opening of offices at the Colchester Business Park.”
Smith added: “But perhaps the most exciting is we already have over £3m of loans committed to advance in July and August.”
“As a developer, broker or lender if you or your clients need help to fund the VAT due commercial property transactions then come and talk to the experts at Bridging Vat, we’re open for business.”