Masthaven completes regulated deal in 4 days

Posted: December 19th, 2013

Bridging lender Masthaven Bridging Finance teamed up with distributor SPF Short Term Finance to complete a regulated bridge in just four working days.

SPF Short Term Finance was contacted about the deal and due to the involvement of an urgent purchase a strict deadline was set for the 16th of December.

Masthaven Bridging Finance received valuation fees on the 10th December, by Friday the 13th the funds were poised to be transferred. The loan reached completion on the 16th of December.

The £200,000 loan was lent against a property worth £1.8 million to balance out a shortfall in the client’s funds.

Richard Deacon of Masthaven Bridging Finance said: “Bridging Finance by its reputation should be a relatively speedy transaction. When push really comes to shove, as a lender you really do have to drop everything and pull out all the stops. It is a bit of a cliché but everyone involved has to work together to make it happen.

“From the moment we got instructed on the case, Lizzie Strong the underwriter, and her assistant Claudia Cataldo really did work miracles to liaise not only with SPF, but also the clients’ solicitor to make this happen. It is only down to the sheer determination of the team, and willingness to make it happen that this loan completed in the 4 day turn around.

“When we first got the call from Andre, he had unfortunately been let down by another lender who advised they couldn’t complete in the required time frame. This gave us an added incentive, as we always like to try our best when we are given a particularly challenging case as it is a great way of building relationships and trust. “

Zoe Claydon, BDM for SPF Short Term Finance, said: “The service from Masthaven was second to none, with this time of year timescales are always tight what with valuers availability and a push for year-end so it’s a real credit to them that when they say they can deliver, they deliver.“

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