Black & White Bridging, formerly known as Bath & West Finance, completed the 75 per cent loan to value (LTV) funding on a leasehold flat in eight days.
The request was brought to the lender by Magnus Duke Dadzie of ABCD Capital Funding & Finance and the client needed the loan completed in 10 working days.
According to the lender, the initial underwriting had been completed but the deal was at risk of delay as the original valuer was unable to undertake the instruction, meaning a second valuer had to be brought on.
Black & White’s commercial director Damien Druce (pictured) said the case marked a “fast completion in the real world” as the lender came through with what the customer needed.
He said: “My definition of a ‘fast’ bridging loan is one that meets or exceeds the client’s expectations regardless of time taken and I hope that by illustrating this case, it might go a little way to balance stories of highlighted cases that infer that bridging deals are done in what seems the time it takes to make a cup of coffee. In reality, they are few and far between.”
Druce added: “The sector does itself no favours by peddling the idea that bridging loans provide ‘immediate’ funding.
“If we continue to overpromise by trumpeting about the few cases where the stars align and everything falls right into place, we are just setting ourselves up for brokers and their clients to have overly unrealistic expectations about what we can offer.”