The deal, on six month terms at 65 per cent LTV, completed using the regulated bridging fund which launched earlier this year.
The client, a professional property trader, secured the deal on a flat conversion in Croydon, looking to finance a deposit on a portfolio of properties in London.
With most of the paperwork being finished within hours of introduction, the deal was left to then comprehensive compliance at the fund managing end – before finally completing in less than 24 hours.
Speaking on the completion, James Allen, Investment Manager for TB Walker Crips, said: “We require comprehensive due diligence before we sign off any loans. It is testimony to the quality of the lenders that we have partnered with for this Fund that we are still able to turn around these deals with the speed the borrowers expect despite the significant amount of legal, RICS, fund and lender documentation that must be completed and reviewed for each loan.
“As the Fund pushes past the £2 million mark and we pay our first distributions it’s great to see the Fund working efficiently, and this efficiency is borne from each of the key parties performing their roles to the highest level.
“We are now in the ideal position to manage the growing investor demand, fuelled by the successful move of the Fund from theoretical model to a well-functioning income producer with clear delineation of the responsibilities of the key parties and comprehensive due diligence on every loan pack.”
The deal marks the second drawdown from the bridging lender, which became the first of the three lending vehicles the fund uses to drawdown on the facility, although this time this deal was not regulated.
The landmark fund provides regulated funding for three UK bridging lenders, and has attracted considerable interest since its launch, drawing up over £2 million of funding since launching just months ago.
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