The specialist lender has announced a milestone achievement in completing its largest loan to date.
The £13m facility assisted an experienced property professional in refinancing a portfolio of 15 residential properties, including a number of HMOs and land with planning permission. This enabled the borrower to exit their existing facility which they were experiencing several issues with. The borrower, introduced through Mantra Capital has an impressive track record having amassed a sizeable property portfolio and establishing a successful estate agency firm.
The facility was agreed at 70% LTV, on a 6-month term, and was arranged within 3 weeks from application to completion – an impressive turnaround. The transaction was complex in nature given the number of short leasehold properties and legal intricacies which required a pragmatic approach to be taken.
The record loan follows a period of rapid growth for the lender who announced 5 new hires during the peak of lockdown.
Commenting on the record bridging loan, Christopher Adamou, Managing Director at Lendhub, added “We were extremely pleased to be approached by Mantra who had the confidence in Lendhub to deliver for their client. The Lendhub team alongside our partners Howard Kennedy and BNP Paribas pulled out all the stops to deliver in such a tight timeframe. I am very proud of the Lendhub team for their drive and determination in getting this over the line.’’
Nick Neophytou, Director, Mantra, added “When such a large funding requirement is needed, experience, knowledge of the market and excellent working relationships with lenders are key to providing rapid and exceptional service to clients. We have worked with Lendhub since their inception and having previously joined forces on many complex and often time critical deals, we knew they had the expertise required to get this deal over the line. I would like to take the opportunity to thank the team at Lendhub for the hard work involved in this case and congratulate them on achieving this great milestone.”