MT Finance and Crystal complete 10-day regulated bridge
MT Finance’s newly launched regulated bridging offering has completed its quickest deal so far, a 10 day, £1.659m loan in partnership with Crystal Specialist Finance (CSF).
The applicant had exchanged on a £4m purchase of a detached seven bedroom property in the South East, however the initial lender withdrew funding terms without notice meaning the client was facing over £400k of penalties if they did not meet the completion deadline.
The leading property finance lender and specialist distributor worked collaboratively with the applicant and supporting professional services to ensure the case was drawn down in a timely manner, avoiding all fines.
The bridge was raised at 0.65% per month on a 12-month term, with the option to redeem earlier without any penalties.
Jason Berry, group sales and marketing director at CSF, said “The move by MT Finance into the regulated short term finance space was warmly welcomed by the market.
“It is great to experience the service standards and excellent customer outcomes we have witnessed the MT team deliver throughout 2020 for unregulated solutions extend seamlessly into their regulated bridging offering”.
Tomer Aboody, director at MT Finance, added: “The client needed us to move quickly to secure a residential purchase and the looming penalties were undoubtedly causing unwanted stresses.
“When Crystal presented the opportunity to us it was clear that extremely sound security was being offered at a relatively low LTV of 41% from very credible applicants. I was therefore delighted our team could step in to offer a solution quickly.
“Our solicitor, surveyor, and of course Crystal, then worked tirelessly to ensure completion occurred in advance of the deadline. A great team effort all around”