The £1.7m bridge in 72 hours
The loan, provided by Dragonfly Property Finance, was secured against eight properties spread across the capital and was being used to purchase four new properties.
Knowing that the clock was against the client, MCIFA’s Fahim Antoniades approached Dragonfly Property Finance and, within hours, had arranged a face-to-face meeting with the client and Dragonfly’s Jonathan Samuels and Mark Posniak (CEO and head of sales and marketing respectively).
Dragonfly quickly made it clear that they were comfortable with the loan, appreciated the urgency surrounding the deal, and, working closely with MCIFA, managed to complete just 72 hours later.
Fahim Antoniades, group director, MCIFA, said: “There was a huge amount of urgency to this deal but thankfully Dragonfly pulled out all the stops to turn it around in just three days.
“Their ability to make things come together in this way, and the energy they bring to deals, is unrivalled in the short-term finance industry. It goes without saying that our client was also very impressed. This was bridging finance in its purest form.”
Mark Posniak added: “When we were approached by MCIFA on the Tuesday and understood the urgency of the deal we agreed to meet the client in person and were immediately 100% comfortable.
“This was an experienced borrower with a track record and a high quality security.
“We set the wheels in motion and, thanks to the diligence of MCIFA, managed to complete on the Friday. These kind of high-octane deals are what the Dragonfly team thrives on.”