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.
Latest News
-
Inflation remains at 3.8% in August
-
UK house price growth slows to 2.8% in July – ONS
-
Third of UK adults relying on inheritance to fund retirement
-
Govt has failed to act on lifetime ISA recommendations – Treasury Committee
-
Becketts acquires Swallow Financial Planning
-
‘Fear of rejection’ biggest barrier for one in three aspiring buyers
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories