Spring Finance completes £835k re-bridge in under 2 weeks

21 June 2023

Spring Finance and Newable Commercial Finance have completed an £835,000 regulated re-bridge that funded in under 2 weeks from the initial enquiry.

Nick Webb of Newable approached Spring with this re-bridge as they needed a quick turnaround and a lender that could take a flexible approach as he knew the applicant would be out of the country for the majority of the application process.

Spring’s process of carrying out an upfront review to issue credit backed terms gave Nick the confidence to proceed with Spring.

From the point of receiving the full application, everyone was clear on what was needed to complete the loan. The valuation was instructed on the day of application and the surveyor was able to have the visit conducted within two days. Spring issued the client an offer a week later and completed from this point within 4 days.

Nick Webb of Newable said, “It was a pleasure to work with the team at Spring on such a time sensitive case for an important client. Service and speed was key as well as being able to manage a client who was out of the country for nearly all of the application. I had confidence from my first interaction with the team at Spring that this was a deal they would complete. It was a pleasure to work with a lender that clearly cares and proactively works for the client and the deal, ensuring that the loan was able to complete in the required timeframe. I look forward to working with them again on many more deals”.

Owen Bentley, Head of Sales at Spring Finance said. “Our sales and delivery is built on many years of experience in the specialist lending space. This deal hinged on understanding the risk of the deal, giving clarity to the broker on our requirements and having a pro-active and flexible underwriting process. The strength of third party partnerships ensured a quick valuation and speedy legal work. Finally, none of this can happen without an excellent broker relationship. It speaks volumes that a broker of Newable’s reputation chose to work with Spring’.

Claire Newman, Director of Bridging at Spring Finance said, “There are a great many challenges with the current economic climate that means more and more bridges are not repaying on time. Spring has an incredibly experienced team that can recognise and assess the risk of these deals in a responsible manner, helping many applicants achieve their original goals. It was a pleasure to work with Nick and his client on this case and to reach a successful conclusion to the deal within the required timeframe”.