The £650,000 first charge regulated bridge benefits a customer with complex credit
Spring Finance has announced the successful completion of its first bridging loan – a £650,000 loan that was introduced by BuildLoan for a customer with complex credit in need of debt consolidation and capital raising.
This was a multifaceted application that needed an experienced broker and a proactive lender to get it successfully over the line. The property being used for security was being renovated.
Mike Cartwright, property development specialist at BuildLoan, said that while Spring Finance is new to the bridging market, the depth and level of experience in Spring’s team made them confident to work with the lender 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,” Cartwright shared.
Jim Baker, sales director of bridging at Spring Finance (pictured with Claire Newman – head of bridging), said the response to their proposition has been exceptional and shows how their 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 their lender of choice for this loan,” Baker said.
Spring Finance is expected to launch its specialist bridging proposition to the wider market in the coming weeks.
