Drawbridge, the specialist short and medium-term finance firm, approved the deal two hours after underwriting it despite the case having been turned down by a high street lender because the property lacked a bathroom.
The deal was referred from Bournemouth-based packager Positive Lending and Paul McGonigle, managing director said he was delighted with how quickly Drawbridge released the funds.
He said: “Speed of completion was essential to this case and we weren’t let down.
“The flexibility and expertise of the underwriters, backed up by an experienced legal team in Pure Law, enabled completion in less than 48 hours. It’s the fastest payout Positive Lending has ever been involved in.”
Mark Posniak, head of marketing and operations at Drawbridge Finance, added: “Drawbridge Finance prides itself on its speed and service levels and this deal is the best example yet.
“It goes to show that the funds are there and can be accessed rapidly if you use the right packager, the right legal firm and the right lender.”