The facility delivered a net loan over £200,000 against the £255,000 purchase price.
Under Ryan Johnson, the case progressed from full application to completion in weeks, with everything in place well ahead of the transaction completing on 17th July – the contractual deadline for the property purchase.
Despite several outstanding legal requirements being resolved immediately before completion, Castle Trust approved the Certificate of Title and released funds at 12.20pm, enabling the purchase to complete that afternoon.
Following refurbishment, the client plans to refinance the bridging facility onto a longer-term buy-to-let mortgage.
A mortgage offer with a retention was already in place, giving the client a clearly defined exit route once the required work has been completed.
The property is expected to have a post-works value of approximately £325,000.
Anna Lewis, commercial director property at Castle Trust Bank, said: “We’re delighted to have completed our first bridging loan with Loans Warehouse.
“The teams worked together closely on this case to achieve swift completion, ensuring that any potential hurdles were anticipated well in advance.
“We look forward to working with Loans Warehouse in the future and helping many more of their clients.”
Vikki Edwards (pictured), head of bridging and development at Loans Warehouse, added: “This was a fantastic first completion with Castle Trust and a great example of why having access to a broad lender panel is so important.
“The client needed to maximise the funds available on day one and wanted to complete the refurbishment using his own resources.
“Castle Trust understood the client’s experience, the strength of the project and the proposed exit. Their team also worked quickly on the day of completion, approving the final documentation and releasing funds in time to meet the contractual deadline.
“We look forward to completing many more cases with them.”