A Poole-based property finance specialist has delivered a £1.5m bridging loan to help a developer secure a Bath-based residential deal.
MSP Capital said it agreed the loan with Juno Developments in the fastest-lending turnaround in its 41-year history.
According to MSP, securing the funds in less than 24 hours meant Juno was able to press ahead with acquiring another development site for a block of apartments in the Somerset city.
Paul Miracca, director at MSP Capital, said: “We understood the need to act quickly, so we worked late into the night to ensure the deal happened on time for the client.
"They came to us knowing of our reputation for going above and beyond and using our property expertise to act decisively on loan requests. I’m truly proud of how team MSP worked together so tirelessly to get this over the line so the client wouldn’t miss out on such a great opportunity."
Mr Miracca said timing was "everything" in the bridging market and his team's agility allowed the company to act quickly.
"We’re not like a high-street bank which may be held back by red tape or bureaucratic processes," he added. “Even though we did exactly the same level of pre-lend checks, we have the advantage of agility and a team that can make, and act on, decisions super efficiently.”
James Dean, director at Juno Developments, said: “I doubt many funders would even entertain the concept, let alone deliver. We completed with minutes to spare, a great performance by the MSP team, thank you.”
MSP Capital was founded in 1981 and is a principal development and bridging lender, offering solutions for sums up to £20m.
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