The underwriting and loan processing teams worked with property lawyers to complete the speedy transaction from the acceptance of offer through to drawdown.
Laurence Goodman, group managing director, said: “This was a multifaceted deal involving difficult planning matters and offshore corporate structures.
“The borrower and their supporting professional team were of the highest quality, with extensive experience in the property sector.
“We have an appetite to build from this and are currently processing loan applications to a value in excess of £88m on large loan case loans alone.”
Bridgebank consider bridging loans of any size and have substantial funding capacity, while they lend against the valuation of the property.
The actual amount advanced on this case represented 80% of the cash required to complete the transaction.
Malcolm Scanlon, partner and head of lending at Niche Financial Solutions, who brokered the deal, said: “Despite the level of complex work required to bring this case to completion, the lender, their solicitors and the clients legal team worked exceptionally hard, often late into the night, and demonstrated a team ethic to work well together, and as a result the completion deadline was met.
“As a broker this was my first completion with Bridgebank and you can always be a little nervous of issues that could arise during the process, but this was not the case and Bridgebank did exactly what was required of them.”
He praised Bridgebank’s Carl Graham, head of large loans, and Adam Powell, his relationship business development manager for their contribution.
