The two firms worked together on the £15.1m deal, which was secured against two high-end London properties. The funds were used to repay the borrower’s existing loan and purchase a second property. After refurbishing and moving into a new property, the client will sell their current residence and repay the loan.
The loan it was priced at 0.7% per month with a 1.5% facility fee, giving an overall APR of 10.5%.
Alan Cleary, managing director of Precise Mortgages, said: “There was a lot of competition for this deal so in order to win it we priced aggressively to make it very difficult for other bridging lenders to compete.”
Rob Jupp, CEO of Brightstar Financial, added: “This represents one of the largest short term loans originated in the UK for quite a few years. It’s huge testimony to both Brightstar and Precise Mortgages that we concluded this in the manner that we did.”
Brightstar has also been added to Shawbrook Bank’s panel of strategic partners, bringing the lender’s total panel size to 27.
