The loan was a UK-based SPV (special purpose vehicle) introduced by First Wealth Management. It enabled the client in question to take out a high street bank where it had a loan approaching term.
The completion has given the investor ample time to refinance through another major UK lender, which has already been agreed.
Jay Bhogal, Senior Real Estate Finance Specialist commented: "Dragonfly are a breed apart when it comes to large, complex loans. Bridging is usually about speed but on this occasion the complexity of the loan, and the way Dragonfly processed it and stuck to the timeframe, stole the day."
The UK properties in question ranged in purpose from residential and commercial premises to industrial properties.
Jay continued: “70 valuations across commercial and residential over a four-month period is no mean feat. The can-do attitude of Steve Clinning at Howard Kennedy and the diligence of the client were also invaluable and added to the seamless delivery of the loan."
Matt Smith, Head of Credit and Servicing, Dragonfly Property Finance, added: "At Dragonfly, we pride ourselves on being able to handle even the most complex loans and this one was certainly up there. But a lender is only as good as the introducer and Jay's forensic understanding of our requirements and his client made the structuring of the loan considerably easier."
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