Masthaven rescues client from defunct lender
The SPF clients own a property in the Enfield area of North London worth £3.4m, while they had initially applied to another bridging lender to replace the loan.
However after the agreement was made the offer was withdrawn at the last minute because of a credit issue.
Thanks to the package of information provided by SPF, Masthaven completed the £2.3m loan almost immediately.
Richard Deacon, sales and marketing director at Masthaven Bridging, said: “This is another example of Masthaven’s relationship with a trusted and professional introducer paying dividends for clients.
“Thanks to our underwriter working closely with SPF, we were able to bring this case to a successful conclusion and I am happy to report the borrowers got the result they were after in the end.”
Andre Bartlett, associate director at Savills Private Finance, added: “We had the deal proceeding with another lender and after a successful valuation they decided they were declining the deal at the 11th hour.
“Masthaven were straight on to it and despite needing a new valuation they got the offer issued and the deal completed on time.
“It is always good to see a deal, where you have put in so much time, pay off and thanks to Masthaven for another completion when under pressure!”