Spring Finance completes first bridging loan

Following Spring’s recent pilot launch, this £650,000 loan was introduced by BuildLoan. This first charge regulated bridge was for a customer with complex credit in need of debt consolidation and capital raising. In addition, the property being used for security was being renovated.

Spring Finance is expected to launch its specialist bridging proposition to the wider market in the coming weeks.

Mike Cartwright of BuildLoan said: “Spring Finance is new to the bridging market, but the depth and level of experience in their team meant we were very happy to work with them from launch. The understanding of the deal and surety provided by the credit backed terms gave us the confidence to proceed. From there on in, the underwriting process was slick, personal and no-nonsense.”

Jim Baker, sales director at Spring Finance, commented: “The response to our proposition has been exceptional and shows how our understanding of the specialist bridging market can fill a niche and support the needs of the most demanding of brokers. BuildLoan has an enviable and long established reputation in the market and it speaks volumes that we were their lender of choice for this loan.”