Castle Trust Bank completes £4.5m bridge in 14 days
Castle Trust Bank has completed a complex £4.5m bridging loan within just 14 working days of the initial terms being issued.
The specialist Buy to Let lender worked with Sirius Property Finance on refinancing a current development, including mezzanine finance, on a permitted development scheme of 25 flats in Reading.
Terms for the case were issued on 29 September, with the application completed and all documents uploaded by the broker within 24 hours. The application was then underwritten, offered and solicitors instructed within three days, before completing on 19 October, within 14 working days of the initial terms being issued.
Rob Oliver, sales director at Castle Trust Bank, said: “This wasn’t a straightforward bridge. It was a £4.5m loan secured on a first charge over a head lease in a company name, completed on a Bridge to Term basis. So, it’s a great example of what can be achieved when all parties work collaboratively to get a case across the line. The team at Sirius were as accurate and proactive as they always are, and the solicitor, Brechers, worked tirelessly to keep the case moving. It was a great effort all round in an area that we’re keen to expand our footprint on, and we look forward to working together with both Sirius and Brechers again in the future.”
Nicholas Christofi, managing director of Sirius Property Finance, said: “We’re so pleased with how quickly Castle Trust Bank was able to, not just turn this case around, but also deliver a solution that so accurately met our client’s requirements. It was a tricky case with a tight deadline, and we pulled together to make it work.”