LHV Bank has completed a loan of around £7m for the purchase of a residential investment property in a town in Surrey.

The property has previously been converted from an office building into a residential property and the case was introduced by managing director at Fusion Funding, Alex Haffner.

The client, who is an experienced property investor, has negotiated a "competitive price" for the property, but this was predicated on a quick completion.

Working closely with Fusion Funding, the team at LHV Bank used title insurance to expediate the legal process and collaborated with the previous valuation team in order to reduce the time needed to complete the case.

The bank accepted an unmortgaged property as the borrower’s security, as opposed to cash, and completed the case in 36 days from credit approval. The interest-only loan of £7m was fixed for five years at an LTV of 70%.

Director of SME lending at LHV Bank, Conor McDermott, said: "Once the relationship team led by Darren Switzer had fully evaluated the application, we were confident that we could meet the tight timescales.

"Fusion Funding also worked diligently with the case, providing all of the necessary information and documentation in a timely fashion; it was a pleasure working with them.

"LHV Bank’s loan book is growing markedly every month, an indicator of our ambition to become a significant provider of commercial real estate investment loans and trading loans to SMEs in the UK."

Haffner added: "This deal showcases what can be achieved when a proactive bank works hand in hand with Fusion Funding and the results are there for all to see. The loan completion is the highest amount for the bank and done within the fastest timescales from receipt of the credit approval."

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