In the competitive world of finance, securing loans swiftly can be critical for businesses.
- Spring Finance recently achieved a remarkable feat by completing a £1.6 million corporate bridging loan in seven working days.
- The loan addressed an urgent refinancing need for a business with a substantial property portfolio.
- The complexity of the deal included aspects like third-party security and personal guarantees.
- Efficient communication among all stakeholders was key to meeting the tight deadline.
Securing a loan in the finance industry is often a process fraught with delays and complications. However, Spring Finance’s recent achievement stands out, completing a substantial £1.6 million corporate bridging loan in just seven working days. This rapid completion was crucial for a business owner who needed urgent funding to repay an existing loan.
The business involved in this transaction urgently required refinancing, as the timing of their portfolio refinance did not align with the termination of their current loan. Faced with this pressing deadline, the client’s intermediary reached out to Amy Robinson at Spring Finance. Robinson, known for her proactive approach, immediately set the wheels in motion.
The loan’s complexity was significant, involving multiple layers such as limited company structures, third-party security, comfort charges, and personal guarantees. A pivotal element was the second charge needed for core security, requiring consent from the first charge lender. Despite these challenges, Spring Finance’s team, working diligently over the weekend, provided a credit-backed agreement in principle swiftly.
Collaboration was key to this success. Spring Finance worked closely with the broker, the client, and legal advisors to overcome any hurdles. Claire Newman, the director of bridging and development at Spring, praised this teamwork and highlighted the importance of effective communication in achieving such a swift turnaround.
Amy Robinson expressed her pride in Spring Finance’s flexible and common-sense approach, emphasizing the team’s dedication. The sentiment was echoed by Kimmy Sandhu from The Right Broker, who commended Spring Finance for their exceptional service and proactive engagement, fostering a collaborative environment.
This case exemplifies how effective collaboration and communication can meet critical deadlines in the financial sector.
