Spring Finance has announced that it has successfully completed its first bridging loan.
The £650,000 loan was introduced by BuildLoan and follows Spring Finance’s recent pilot launch.
The lender revealed the first charge regulated bridge was for a customer with complex credit in need of debt consolidation and capital raising, while the property being used for security was being renovated.
Spring Finance described the loan as a “multifaceted application” that needed an experienced broker and proactive lender to get it to completion.
Commenting on the deal, BuildLoan property development specialist, Mike Cartwright, said: “Spring Finance is new to the bridging market, but the depth and level of experience in their team meant we were very happy to work with them from launch.
“The understanding of the deal and surety provided by the credit backed terms gave us the confidence to proceed. From there on in, the underwriting process was slick, personal and no-nonsense.”
Sales director of bridging at Spring Finance, Jim Baker, added: “The response to our proposition has been exceptional and shows how our understanding of the specialist bridging market can fill a niche and support the needs of the most demanding of brokers. BuildLoan has an enviable and long-established reputation in the market and it speaks volumes that we were its lender of choice for this loan.”
Spring Finance indicated it is expecting to launch its specialist bridging proposition to the wider market in the coming weeks.
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