Mercantile Trust has completed a £425,000 net first-charge bridging loan for a portfolio landlord facing an urgent repayment deadline.
The specialist lender agreed the nine-month facility against an unencumbered property valued at £940,000.
The landlord needed to raise funds to repay bridging finance secured against another property before a fixed deadline.
Interest on the new loan was rolled, with the borrower planning to refinance on to longer-term finance as the exit strategy.
Mercantile Trust’s underwriting team worked with the solicitors acting for both parties to address the transaction’s requirements. Title insurance was also used, allowing the loan to complete within three days.
Tara Evans (pictured), chief executive at Mercantile Trust, says: “Speed is one of the most important factors in bridging finance, particularly when a customer is working towards a fixed deadline.
“At Mercantile Trust, our manual underwriting and direct communication allow us to assess cases quickly, make practical decisions and keep everyone updated throughout the process.
“This was a strong case with suitable security and a clear exit strategy. By working closely with both solicitors from the outset, we completed the £425,000 loan in just three days and helped the customer meet their repayment deadline.
“The completion highlights Mercantile Trust’s practical approach to time-sensitive lending. Each case is individually assessed, allowing its underwriting team to understand the circumstances and respond quickly where the application, security and exit strategy support the borrowing.”
