LendInvest has completed what is thought to be the bridging market’s fastest ever completion in just three days.
In the timeframe the lender moved from initial inquiry to full drawdown of a £590,000 facility at 60% loan-to-value.
The borrower was introduced by Target Capital and LendInvest worked closely with Brightstone Law, a frequent legal adviser to LendInvest on transactions.
Matt Tooth, head of distribution at LendInvest, said: “Credit must go to our broker, legal and valuation colleagues whose help was integral to completing this deal within the tightest of all time constraints.
“The case was very well presented by the borrower and her broker, which enabled our team to promptly and confidently approve the proposal within hours. Equally, we instructed a valuation that was turned around and shared with all parties electronically within hours.
“We are delighted to lead the way on speeding up safely the mortgage application process. However, too many delays and mistakes still taint the industry’s reputation. With this deal setting a benchmark, we hope that before too long, speed becomes the norm in an industry that embraces the power of technology to streamline the underwriting process.”
The borrower was unable to negotiate an extension to an expiring development loan with her existing high street lender, meaning she needed the loan to cover the completion of her house conversion project. Post-completion, the borrower intends to move to a longer-term buy-to-let mortgage.
The property began as an old-fashioned three-bedroom, end of terrace house with surrounding land in East London. It has been extended and renovated to become a modern, seven-bedroom home for a renting family.
Zara McDermott, from Target Capital, said: “Target has worked hard with the team at LendInvest and solicitors to bring this deal to fruition for our client in a record time any lender has ever been able to achieve, for a deal of this size in our experience of the industry.
“We are very proud of being able to help within the tightest of timescale we have ever had and very impressed with all involved at LendInvest; this is true bridging and the way it should be.”