Spring Finance funds the purchase and renovation of Grade II multi-unit freehold block

09 November 2023

Spring Finance and high net worth specialist broker, Private Finance have completed a regulated bridging loan for the purchase and renovation of a Grade II listed MUFB with a £2.9m GDV.

Ryan Garbett of Private Finance approached Spring with this time sensitive and complex purchase. The original lender was unable to meet the customers' timeframe therefore they needed a lender that could promptly make a decision and complete within two weeks.

The applicants’ profiles, renovation plans (requiring various numbers of listed buildings consents), and complex exit were all presented in detail at the outset. After a thorough review and discussion, Spring was able to provide credit backed terms, giving both Ryan and the applicants the confidence to move forward.

The loan was structured to fund the initial purchase and then provide stage drawdowns for extensive renovation works. Delivery of this complex transaction was only possible with all parties working together with Spring’s appointed lawyer, David Eder of Harold Benjamin.

Claire Newman, Director of Bridging at Spring said, “I am delighted with the speed and quality of the underwriting which enabled us to meet this tight deadline. Our strong broker relationships enable effective collaboration on time critical deals like this. This demonstrates the capability and can-do attitude of our underwriting team”.

Jim Baker, Sales Director of Bridging of Spring said, “Working with brokers of Ryan’s calibre is exceptionally rewarding. Ryan clearly outlined the deal's strict requirements and provided the necessary information for a quick decision. We swiftly completed the purchase, showcasing Spring’s expertise and commitment to delivering exceptional customer outcomes”.

Ryan Garbett, Director at Private Finance said, “Credit where credit is due - Spring Finance Limited have been absolutely brilliant on this complex deal. My clients and I are delighted ”.

About Spring Finance

Spring Finance Limited was established in 2011 as a second charge mortgage lender, lending to customers who don’t meet the normal criteria of high street banks and building societies. It is authorised and regulated by the Financial Conduct Authority for regulated mortgage lending and administration and registered with them for Consumer Buy to Let lending. In March 2022, Spring entered the bridging finance market lending on a first and second charge basis with a mixture of regulated and unregulated loans.

Spring’s focus has always been about treating customers as individuals, and not a credit score. Spring understands that people have different financial backgrounds and believes that just because a customer has bespoke requirements does not mean that they should be excluded from obtaining affordable finance. Spring’s personal and efficient service is central to their relationship-based philosophy and approach to lending.