The loan was completed last week in a deal for £1.15m for a three year term and was secured against a mixed use residential and commercial property in Soho, London. It was introduced by of Mandalay Financial.
It was completed with an interest rate of 11% per annum with no up-front fees and no exit fees and is for a minimum period of one month with no early redemption penalties for the borrower.
Christian Faes, managing director at Montello, said: “This was a classic situation where the borrower should have easily been able to obtain a loan from a high street lender.
“However due to a very minor issue which had no impact on the commerciality of the deal, the borrower was unable to obtain funding.
“The deal was done at a very conservative loan to value against a prime London asset. This was a situation where the deal made sense and we were able to utilise our flexible funding lines to arrange a deal that worked for the borrower.”
David Longhurst, managing director of Mandalay Financial, added: “We typically would use Montello for straight forward bridging finance transactions.
“However when we showed Montello this deal they issued terms and completed the deal as quickly as if it was a bridging transaction.
“This was definitely a situation where we were able to use our strong working relationship with this lender to get a market leading result for the borrower.”
