Dragonfly completes £3m loan in just five days

London-based short- and medium-term lender, Dragonfly Property Finance, has taken a £3m bridging loan to an offshore structure from application to completion in just five days.


Related topics:

Thursday 3rd January 2013

Dragonfly completes £3m loan in just five days

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in C:\inetpub\wwwroot\2025.financialreporter.co.uk\htdocs\templates\front-end\partials\article_blockquote.php on line 2
The deal, arranged in the days before Christmas, was logistically challenging, as the borrower of the bridging loan was based in the British Virgin Islands, the broker — of MCIFA Property Finance — in Barbados and the client's lawyer in Courchevel, France. The loan, arranged for business purposes, was secured against a super-prime London property.

Uniquely, Dragonfly allowed the borrower to be represented by its own solicitors, as they had also worked for the client over a number of years. One of the legal partners spent a day at the Dragonfly office to get the deal done, while the other, representing the client, was on the slopes in France.
 
Paul Munford, CEO, MCIFA Property Finance, commented:

"Dragonfly pulled out all the stops to make this deal happen. Logistically, it was challenging to say the least but everyone dug deep and somehow it came together in under a week. Dragonfly have a reputation for speed, even with more complex and sizeable loans, and this deal certainly reinforces that."

Jonathan Samuels, CEO, Dragonfly Property Finance, added:

“The fact that the loan was arranged so close to Christmas and that the key parties were scattered all around the world shows what can be achieved if the right team and introducer are in place."

Author:
Amy Loddington Communications director Communications director
Do you have a story for Financial Reporter?
Get in touch

Comments:


Breaking news
Direct to your inbox:

More
stories
you'll love:

Latest from:

Property Reporter


Protection Reporter


Modern Lender