Spring Finance has completed a bridging loan valued at £1.6m in seven working days.

The firm was approached by a professional intermediary whose client, a business owner with a large property portfolio, urgently needed a loan to repay an existing loan which was at the end of term.

The client was arranging a portfolio refinance but this wasn’t possible within the timeframe of the existing loan, and therefore needed a bridging loan.

Spring’s credit team reviewed the details of the case over a weekend and was able to provide the client with a credit backed agreement in principle.

The loan involved a limited company, third party security, comfort charges, personal guarantees and a debenture. The core security was a second charge, so consent was required from the first charge lender.

Although the standard turnaround time was in excess of the completion time required, Spring worked with the broker, client and their solicitor to obtain this consent within a matter of days.

Director of bridging and development at Spring Finance, Claire Newman, said: "This case was a great example of what can be achieved when all parties communicate well and work together to overcome any hurdles along the way. We were delighted to have met the client’s completion date and completed the loan within the seven working day timeframe."

Mortgage and protection consultant at The Right Broker, Kimmy Sandhu, added: "For brokers like myself, clients are your lock and lenders are your keys and it is up to us to find the right key for each lock.

"When my client came to me with a 10-day timeframe to complete a high value bridging loan, it was up to me to find the right key and that key was Spring Finance.

"From the first point of contact until the completion I was supported immensely by everyone at Spring."

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