Poole-based property finance provider MSP Capital has closed a £1.5 million bridging loan in less than 24 hours.
MSP said that the deal was made in record time and the deal has been described as the fastest lending turnaround in the company’s 41-year history.
Juno Developments is the client involved in the deal. The Poole-based real estate developer stated that they required the development site for a last-minute opportunity on a residential deal in Bath.
Director at MSP Capital, Paul Miracca, commented: “We understood the need to act quickly, so we worked late into the night to ensure the deal happened on time for the client.
“They came to us knowing of our reputation for going above and beyond and using our property expertise to act decisively on loan requests.”
The company’s request for the funds were deemed as ‘urgent’, in response to this MSP pulled together their internal teams, utilized their partnerships with lawyers and valuers in order to carry out all the necessary pre-lend checks.
Juno Developments director, James Dean, said: “I doubt many funders would even entertain the concept, let alone deliver. We completed with minutes to spare, a great performance by the MSP team, thank you.”
They finally agreed on a 65% loan-to-value ratio (LTV) facility over a 12-month term. They will have the option to turn it into a development loan later on.
Paul Miracca said: “I’m truly proud of how Team MSP worked together so tirelessly to get this over the line so the client wouldn’t miss out on such a great opportunity. It proved the worth of having such strong relationships with our legal and valuation partners who we have worked with over many years. This helped to make sure all the necessary client checks were done fully.
“We know that timing is everything in the bridging market and what enables us to act so quickly is that we’re not like a high-street bank which may be held back by red tape or bureaucratic processes.
“Even though we did exactly the same level of pre-lend checks, we have the advantage of agility and a team that can make, and act on, decisions super-efficiently.”
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