LendInvest has completed its fastest ever bridging loan..
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div>LendInvest has completed its fastest ever bridging loan.
The peer-to-peer (P2P) lender finalised a £590,000 facility at 60% LTV in three working days.
The borrower was introduced to LendInvest by Target Capital and Brightstone Law worked as the legal adviser on the deal.
Matt Tooth, Head of Distribution at LendInvest, said: “Credit must go to our broker, legal and valuation colleagues whose help was integral to completing this deal within the tightest of all time constraints.
“We are delighted to lead the way on speeding up safely the mortgage application process.
“With this deal setting a benchmark, we hope that before too long, speed becomes the norm in an industry that embraces the power of technology to streamline the underwriting process.”
The borrower was unable to agree an extension on an existing development loan with her high street lender and turned to bridging finance to cover the completion of a house conversion project.
Zara McDermott of Target Capital said: “Target has worked hard with the team at LendInvest and solicitors to bring this deal to fruition for our client in a record time any lender has ever been able to achieve, for a deal of this size in our experience of the industry.
“We are very proud of being able to help within the tightest of timescale we have ever had and very impressed with all involved at LendInvest; this is true bridging and the way it should be.”
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