Hampshire Trust Bank has completed a £430,000 bridging loan to support the refinancing of a commercial property development in Colchester.
The short-term facility was provided at 70% LTV net and was turned around in nine days from initial enquiry to completion.
The security property, a former bank, was purchased in December 2016 for £275,000. Since then, it has been extended into four self-contained offices.
Alex Searle, sales director at the bank, said: “We understand that when borrowers need short term lending, they need it quickly.
“With our ring fenced short term lending team, we make sure that each step of the process is lined up to work as swiftly as possible: from enquiry to valuation; from underwriting to completion. With rates starting at 55bps, our approach means that if you want the rate, you don’t have to wait.
“As a specialist lender we are focussed on forging partnerships that benefit the end customer. This relationship driven approach, coupled with our technical expertise drives our strategy and ensures we are well placed to deliver good outcomes for our brokers.
“Furthermore, we understand the importance of cashflow to our brokers and therefore we pay proc fees the day after completion. So, all in all, from enquiry to proc fee payment only took 10 days.”
The bridging loan was required to raise capital to fund further acquisitions on the sites identified. The transaction was brokered by Boudicca Financial Solutions, a specialist independent commercial finance brokerage.
Elizabeth Overs at Boudicca Financial Solutions added: “A very good client of mine needed to complete a bridging loan on a commercial property in nine days.
“The team at HTB performed brilliantly, they were efficient, focused and fully committed to the challenge of a nine-day completion, which the team and their solicitors met easily. A first-class service from all involved and a great team effort. Thank you Anna, Adam and the rest of the team at HTB.”