Spring Finance completes £1.6m corporate loan within 7 working days
12 November 2024
Amy Robinson, one of Spring’s business development managers, was approached by a professional intermediary whose client urgently required a bridging loan to repay an existing loan which was at the end of term. The client was a successful business owner with a large property portfolio. He was arranging a portfolio refinance but this wasn’t possible within the timeframes of the existing loan, hence he needed a bridging loan.
In light of the urgency, Spring’s credit team reviewed the details of the case over a weekend and was able to immediately provide the client with a credit backed agreement in principle.
The loan was complex involving a limited company, third party security, comfort charges, personal guarantees and a debenture. The core security was a second charge so consent was required from the first charge lender but, despite the standard turnaround time being in excess of the completion timeline required, Spring were able to work together with broker, client and their solicitor to obtain this consent within a matter of days.
The client and broker were instrumental in ensuring all information was provided in a timely manner. An early video call with the borrower allowed greater communication and understanding of the loan from both sides and helped ensure a smooth process
Claire Newman, director of bridging and development commented, “This case was a great example of what can be achieved when all parties communicate well and work together to overcome any hurdles along the way. We were delighted to have met the client’s completion date and completed the loan within the 7 working day timeframe”.
Amy Robinson, BDM at Spring commented, “This is a fantastic example of how flexible and proactive Spring Finance can be using our common-sense approach to lending. I’m extremely proud to be part of the team in getting this one over the line”.
Kimmy Sandhu at The Right Broker commented “for Brokers like myself, clients are your lock and lenders are your keys and it is up to us to find the right key for each lock.
When my client came to me with a 10 day timeframe to complete a high value bridging loan, it was up to me to find the right key and that key was Spring Finance.
From the first point of contact till the completion I was supported immensely by everyone at Spring.
Amy at Spring was on my speed dial and she gave up evenings and weekends to answer all my enquiries and criteria questions to enable me to package this bridge, it was then over to Claire who took it to the level where we completed on time, working with them both I was made to feel like part of the team and not just a broker doing business with them.
I cannot recommend Spring Finance enough and look forward to our next case together”.
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 and development 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.
FOR FURTHER INFORMATION
Jim Baker
Jim.baker@springfinance.co.uk
m: 07870 842613
