Spring Finance completed a £1.6m corporate loan in just seven working days.
- The loan was crucial for a business owner needing funds to refinance before a deadline.
- Spring Finance’s proactive approach involved a quick weekend review and speedy credit-backed agreement.
- Despite complexities like third-party security and a second charge, the loan was finalised promptly.
- Effective communication between all parties helped achieve the swift completion.
Spring Finance has showcased efficiency by completing a £1.6m corporate bridging loan within an impressive seven working days, providing timely assistance to a business owner in urgent need of refinancing solutions. The business owner, with a sizeable property portfolio, faced a refinancing deadline mismatch with a looming loan term completion, driving the need for rapid financial intervention. This urgency was mediated by Spring Finance’s keen response, meeting the challenge head-on.
Upon receiving the request, Spring Finance’s credit team promptly assessed the case over the weekend, laying the groundwork for a credit-backed agreement in principle. This swift action was crucial given the loan’s complexity, which involved coordinating elements such as third-party security arrangements, comfort charges, personal guarantees, and a debenture requirement.
A notable hurdle in this process was securing consent for a second charge from the existing first lender, a step that typically necessitates extended timeframes. Nevertheless, thorough collaboration involving the broker, the client, and associated solicitors enabled Spring Finance to overcome this obstacle in record time.
Claire Newman, director at Spring, praised the concerted efforts that led to this successful completion. Newman highlighted the role of effective communication in navigating the procedural challenges and ensuring the client’s needs were timely met.
Amy Robinson from Spring Finance emphasised the firm’s flexible and proactive strategies, noting the commitment and rapid response that characterised their approach. This sentiment was echoed by Kimmy Sandhu of The Right Broker, who valued Spring Finance’s dedication and effective partnership in actualising the client’s high-value bridging loan within a critical 10-day timeframe.
The case demonstrates how coordinated efforts and clear communication can lead to efficient financial solutions, even under tight deadlines.
