Only Bridging turned to Masthaven Bank to secure £5million for a client. The lender agreed to a dual exit secured against a piece of fine art and a London property.
The £30million painting is to be auctioned with the £12million London townhouse held as additional security, which fitted in perfectly with the client’s immediate business needs.
Paul McGerrigan, CEO for Loan.co.uk, said:
“This is an exciting time for Only Bridging and Loan.co.uk, marking the beginning of a new chapter in our journey as we establish ourselves as the broker of choice for large, complex bridging and development cases. We have a growing base of returning customers and brokers delighted with the exceptional service and advice provided by our specialist bridging, commercial and development team.”
Only Bridging MD Andrea Juniper, which was acquired by Loan. co.uk in November, is the bridging arm of the Specialist Broker who boast six key regional branches, said:
“With almost 10 years’ experience in the market we pride ourselves on our knowledge, professionalism, approachability and lender relationships. Being part of Loan.co.uk has allowed us to extend this service to an evergrowing network of introducing brokers. We are growing month on month and I am looking forward to very exciting times ahead.”
Richard Deacon, Sales & Marketing Director at Masthaven, said:
“Only Bridging is a great example of a sustainable growing business, and this latest deal demonstrates its ambition to increase the strength of its proposition. This is the first time we have delivered a bridging loan facility of this size has been seen since gaining our banking licence.”
Paul McGerrigan concludes: “Masthaven Bank used its commercial experience to turn the deal around very quickly – initial introductions to money being released took 10 days. Access to the expert team, looking beyond convention to give customers what they really want mirrors the standard we set at Only Bridging and Loan.co.uk.”
