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HTB completes £1m bridge in 23 days

Hampshire Trust Bank (HTB) has completed a £1m refinance and capital raise for a buy-to-let (BTL) investment property within 23 days of receiving the enquiry.

 

The client required an £890,000 refinance for an existing property, with a £100,000 capital raise in order to carry out refurbishment on other properties in their portfolio.

The 75% loan-to-value (LTV) deal was completed at 0.65% on a nine-month term.

Marcus Dussard, sales director at HTB, said: “We recently launched our fast-track service for bridging deals up to £1m, giving brokers and their clients a dedicated underwriter, a decision in four hours, dedicated completions officer, with dual and non-representation solicitor instructions available.

“Speed of the initial decision means brokers can also instruct the valuation and solicitor immediately whilst we crack on with the rest of the underwriting.

“On this case, the offer was issued subject to valuation in 3 days from the enquiry.

“With the market forever talking about how long it takes to get a bridging deal through, we’ve made it easier: let’s face it, what our brokers want to hear is how long it takes for the completion and so I’m delighted we have been able to support a £1m bridge to completion in 23 days.

“And what’s even more pleasing, is that this is starting to be become a regular occurrence for bridging deals within HTB. Broker partnerships are essential for this turnaround to be achieved, with a well packaged deal and speed of information back to us on request”.

David Farmer, commercial finance specialist at Lime Consultancy, added: “When a client expects us to deliver, and deliver quickly, I cannot afford for a lender to let me down.

“Getting the best result for my client is always a partnership, I need a lender that moves quickly and a BDM that shares my expectations, my commitment and genuinely understands how important every client is to me.

“That is why I choose to work with Andrea at HTB when I need something complex done quickly.

“An urgent short-term lending deal wrapped up and done inside 23 days. Happy client, happy me.”

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