Three week bridge saves property development
Crystal Specialist Finance (CSF) and MT Finance have completed a three week, £1.4m bridging finance deal for a foreign national to pay off a highly geared development finance arrangement.
Having been served notice to complete, the client’s broker contacted the specialist distributor and explained that the money would be taken out against a vacant newbuild with exit by way of sale of the remaining properties on the original site.
CSF immediately contacted MT Finance who agreed the application, and a valuation was arranged as a matter of priority with drawdown taking place well within the original timeframe.
Jason Berry, group sales and marketing director at CSF, said ““Throughout 2020, MT Finance has consistently delivered exceptional support to Crystal and our supporting brokers.
“We always strive for excellent customer outcomes and aim to work with lending partners whose values match our own. On this particular case Tomer and his team did an amazing job, initially taking time to understand the residence complexities then truly pulling out all the stops so the valuation ensured a speedy completion could occur. This inevitably resulted in a very happy broker and client.”
Tomer Aboody, director at MT Finance, added: “The client needed us to move quickly as he had been served a notice to complete, and although the nature of his residence meant that the legal process was not as straight forward, we worked closely with the team at Crystal to keep the deal moving forward as swiftly as possible.