Specialist lender Mercantile Trust has completed a £425,000 net first charge bridging loan in three days after a portfolio landlord faced an urgent repayment deadline on a separate bridging facility.
The experienced portfolio landlord needed to raise funds quickly to repay bridging finance secured against another property. With a fixed deadline approaching, the lender agreed a nine-month loan secured against an unencumbered property valued at £940,000. Interest was rolled, with a clear exit strategy to refinance onto longer-term finance.
Mercantile Trust’s underwriting team worked with solicitors on both sides throughout the transaction to resolve requirements quickly. Title insurance was also used where appropriate to help the deal complete within the required timeframe.
Tara Evans, chief executive at Mercantile Trust, said: “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.”
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