Swift delivery of £3m bridging loan saves developer costly penalty
Stretton Capital, the Chester-based short term property lender, has completed a £3.17m bridging loan in six working days.
The security, a vacant office block in Newcastle with permitted development rights to convert into 159 apartments, was being purchased from the receiver, hence the extremely tight deadline.
If it did not complete in time the North West-based borrower was in danger of losing £550,000.
The case was managed from start to finish by Natalie Smethurst, director of risk and recovery at Stretton Capital and legal representation was provided by Primas Law.
Ed Chantler, Stretton Capital chief executive, said: “This was a model case where all the professionals involved in the transaction pulled together to deliver a testing case over the line within the short time scale requested by the client.
“Natalie Smethurst went above and beyond to ensure the loan completed in time and weekend/late night phone calls and emails between her and our fantastic lawyers, Yasmin Musker and Katy Williamson at Primas Law, meant that we completed the loan on time, just as we said it would.”
Chantler added: “This transaction further demonstrates our commitment to the commercial property sector, not just in Newcastle but across the whole of the UK.”