The asset, which is located in Surrey, had been previously converted from an office building into a residential property.
The case was introduced by Alex Haffner at Fusion Funding.
Working closely with Fusion Funding, the team at LHV Bank used title insurance to expedite the legal process and collaborated with the previous valuation firm in order to reduce the completion time.
LHV Bank accepted an unmortgaged property as the borrower’s security as opposed to cash and completed the case in 36 days from credit approval.
The interest-only loan was fixed for five years at around 70% LTV.
Conor McDermott, director of SME lending at LHV Bank (pictured above), commented: “The case demonstrates our appetite for providing large loans to experienced property developers.
“Once the relationship team led by Darren Switzer, had fully evaluated the application, we were confident that we could meet the tight timescales, combining the team’s ‘can do’ attitude with our ability to use title insurance to significantly speed up the process.
“Fusion Funding also worked diligently with the case, providing all of the necessary information and documentation in a timely fashion; it was a pleasure working with them.
Alex Haffner, managing director of Fusion Funding, said: “I am grateful for the support and commitment shown by the bank to this loan and our client to ensure a completion on time with a loan package that suits all parties.
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