Positive Lending completes £10m bridge
Specialist packager Positive Lending completed a £10m bridge with United Trust Bank in under three weeks for an ultra-high net worth client purchasing a main residence in Prime Central London.
The introducing broker experienced an unexpected delay in finance from a private bank which meant a short-term solution was required in under four weeks.
The loan was drawn with four working days to spare after professionals worked to evidence value of global client assets held in various legal entities and jurisdictions and potential liquidity, if required, during the term of bridging finance.
Chris Fairfax, managing director at Positive, said: “Significant loans on high-value single assets are increasing hard to fund.
“This loan was made more challenging by the complexity of the borrower’s global business interests, his residency status and evidencing liquidity if needed.
“In this instance United Trust Bank saw this client as “eminently bankable” and displayed great understanding of a complex transaction which enabled this loan to complete in good time.”
Gerard Morgan Jackson, head of structured finance at United Trust Bank, added: “We always meet with our clients and it was at one of these meetings that we really got to grips with the case and what the client required and we were able to structure a facility that not only met their needs but also sat securely within the bank’s risk appetite.”