The programme is supported by Goldman Sachs Private Capital and was originally launched in January 2017 to fund the origination of residential and commercial bridging loans.
The firm has seen the majority of growth in the sub-£1m development sector, an area in which many lenders continue to have little appetite.
The application involved a borrower who was refinancing to a term product which was ultimately withdrawn at a late stage, and to avoid receivership the deal was completedquickly.
Interestingly the top searches within equity release have shifted in recent months from factors affecting the loan to considerations relating to the property itself.
The complex £1.5m facility on behalf of an expat client involving a foreign national-owned security was brokered by Finance 4 Business and was completed with just minutes to spare, ensuring the client was able to avoid a £21,000 default fee on their outgoing bridge.
Chris Oatway, director of LDNfinance, said that mainstream lenders may want to do less rebridging this year as no one wants to keep rebridging a deal multiple times, leaving room for others to step in.. He also pointed to bridge to sell as another growth area.
Formed in Q2 2017, the short-term lender opened up to the intermediary market in November 2018.
Client applications started with Borro have been stopped.
The first loan was secured against an unencumbered investment property for business purposes, including settlement of a business debt.
The property was unencumbered, and the injection of money allows the client to develop their business further through the acquisition of another company.