The case was introduced to the firm by The Loans Engine on behalf of a client with a BTL investment property worth £200,000 and a current mortgage balance of £92,000.
The borrower wanted to raise £46,500 to gift to their parents to help them finish a property development.
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Mercantile Trust provided the necessary funds at 70% gross LTV at a monthly rate of 1.1% over a 12-month term, with the interest rolled up and no applicable ERCs.
The loan is the first completed by the lender since it introduced its bridging proposition into Northern Ireland in September.
The product range offers first- and second-charge loans from £25,000 to £150,000 at a maximum 75% LTV, with rates starting from 0.85% on terms between 3-18 months.
Maeve Ward, director of commercial operations at Mercantile Trust (pictured above), said: “Having worked with The Loans Engine before, we knew it would provide all the information required in a timely fashion in order for us to assess the case.
“Mercantile Trust is dedicated to offering flexible solutions, such as lower loan amounts and second-charge options, and so could offer the borrower the amount they wanted.
“We have other Northern Ireland applications in the pipeline and look forward to working with other brokers operating in the region.”
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