MERCANTILE TRUST COMPLETES BRIDGING LOAN IN THREE DAYS
19 September 2023
Mercantile Trust Limited, the specialist bridging and buy-to-let lender, provides a bridging facility in just three working days.
The case was introduced to Mercantile Trust by specialist packager and broker, The Loans Engine. Its client was looking to capital raise £65,000 to purchase a motorhome but needed the funds in just five days.
The client’s exit strategy was the sale of a buy-to-let property in Kent, but the extremely tight deadline meant it was looking extremely doubtful that they could find a lender who could provide funds in such a short space of time.
However, Mercantile Trust was not daunted by the challenge. It used its in-house legal services as well as an AVM to expedite the case. A courier was also utilised to ensure that all the necessary documentation was delivered as rapidly as possible.
Mercantile Trust provided a first charge bridging loan at a rate of 0.99% per month, with a loan to value (LTV) of 75%.
The client received the funds just three days after their initial enquiry, resulting in them securing the motorhome they wanted and at a lower than expected price.
Steve Nobbs, Head of Unregulated Mortgage Broking at the Loans Engine, commented:
“We are truly delighted to have successfully concluded this case with such speed. Aware of the client's tight deadline, we acted swiftly to ensure the case was completed on time.
“Our collaborative teamwork, alongside Mercantile Trust's fantastic support, enabled us to meet the deadline successfully, leaving the client thrilled.”
Maeve Ward, director of commercial operations at Mercantile Trust, added:
“At Mercantile Trust, we pride ourselves in being able to pull out all the stops to get a deal completed quickly and this case was no exception.
“Having worked with the Loans Engine before, we knew they would be able to provide all the information required quickly if we were to stand a chance of assessing the case within the tight deadline.
“Our use of AVMs and in-house legals means that cases can be processed extremely quickly. As this case met lending criteria, we were able to complete the deal within three days, highlighting just how fast our bridging proposition can be.”
