The swift completion of a £1.6 million corporate loan by Spring Finance highlights the agility and collaboration within financial services.
- The loan, directed towards a business owner needing urgent refinancing, was executed in just seven working days.
- Spring’s team navigated complex elements including third-party security and personal guarantees to deliver this bridging finance.
- Despite stringent timelines, the necessary consents were secured through effective collaboration between all parties involved.
- The case underscores the importance of strong communication and teamwork in achieving rapid financial solutions.
Spring Finance has successfully completed a £1.6 million corporate bridging loan in a notably short timeframe of seven working days. This was achieved for a business owner facing an urgent need to refinance his property portfolio, a task complicated by the non-alignment of his existing loan termination with his refinancing arrangements.
To address the client’s requirements, Spring Finance’s credit team conducted a swift case review over the weekend, resulting in a credit-backed agreement in principle. The complexity of the loan entailed dealing with several elements such as a limited company structure, third-party security implications, comfort charges, personal guarantees, and a debenture.
The core security demanded a second charge, necessitating consent from the first charge lender. Despite standard turnaround expectations, Spring Finance worked closely with the broker, the client, and legal representatives to obtain the required consent within a few days, thereby ensuring the timely completion of the loan.
Claire Newman, director of bridging and development, highlighted the effectiveness of communication and teamwork in this case, noting how these factors were pivotal in successfully navigating and overcoming the challenges faced. She expressed satisfaction with meeting the client’s deadline and achieving completion within the ambitious seven-day limit.
Amy Robinson from Spring Finance emphasised their flexible and proactive lending approach, expressing pride in her team’s ability to execute the loan efficiently. Her comments were echoed by Kimmy Sandhu from The Right Broker, who praised Spring Finance’s dedication and responsiveness throughout the process, further illustrating the strength of partnership and client-focused service.
The rapid execution of this £1.6 million loan by Spring Finance showcases the effective collaboration and adaptability within the finance industry.
