Hampshire Trust Bank Commercial Mortgages team has completed a loan application from RHL in five days.
The deal with the Sussex-based bridging finance business was processed on behalf of a professional landlord seeking to refinance a buy-to-let property to pay off a loan and raise funds for further investment.
The loan has loan-to-value of 62.85%.
Natalie Glover, underwriting manager at RHL, said: “Terms were issued on the same day that the DIP was submitted and we were able to instruct the valuation as soon as the DIP was agreed
“It was useful to have control over instructing the valuation, dealing directly with Appraisers UK Ltd to sort out any issues and chase the return of the report makes the process much slicker. Hampshire Trust Bank also chased the report as they were aware of the urgency to refinance this case.
Hampshire Trust Bank’s Commercial Mortgages team completed the £550,000 loan swiftly following the decision in principle.
Glover explained the fast approval of the loan: “The offer was issued incredibly quickly and we were able to liaise directly with the solicitors and find out exactly what legal requirements were outstanding to be able to chase for a quick completion.
“We completed the loan within five days between offer and completion. The service from Hampshire Trust Bank and solicitors Paris Smith was excellent throughout the whole process.”
Colin Bell, managing director of commercial mortgages at Hampshire Trust Bank, said: “We look forward to working with RHL again. As a former mortgage broker, I understand how important it is to provide great service in a timely manner. The commercial and professional buy-to-let property sector moves quickly and it is vital that we can provide customers with access to financing when they need it so they don’t miss out on that all-important next deal.”
Hampshire Trust Bank launched into the commercial mortgages sector earlier this year and currently offers four commercial mortgages products: Buy-to-Let and commercial, bridging finance, refurbishment finance, and development exit finance. Loans on offer range from £100,000 to £10m.