Precise Mortgages and Brightstar Financial have joined forces to complete their largest respective bridging loan to date.
The loan for £15.1m was secured against two high-end London properties valued at £22.5m and was used to repay the existing first charge lender on the borrower’s main residence and to fund the purchase of a second property.
Once refurbishment works have been completed the customer intends to move to the new property and sell the current residence which will, alongside a refinancing to a long term lender, repay the bridging loan.
Due to the exceptionally high credit quality of the loan it was priced at just 0.7% per month with a 1.5% facility fee giving an overall APR of 10.5%.
Alan Cleary, managing director of Precise Mortgages, said: “There was a lot of competition for this deal so in order to win it we priced aggressively to make it very difficult for other bridging lenders to compete.”
Rob Jupp, chief executive officer of Brightstar Financial, added: “This represents one of the largest short-term loans originated in the UK for quite a few years.
“It’s huge testimony to both Brightstar and Precise Mortgages that we concluded this in the manor that we did.”