Arc & Co. has completed a £770,000 bridging loan for a foreign national borrower in just three weeks, enabling the client to release equity from a prime central London apartment to complete a property purchase in Montreal.
The facility, arranged by Gareth Briggs, head of UK residential mortgages at Arc & Co., was secured against a one-bedroom flat in the Millbank tower. The apartment, located in Southwest London, was valued at £1.85 million, resulting in a low loan-to-value that helped expedite the transaction.
Despite the compressed timeline, the deal faced challenges related to international wealth verification. However, United Trust Bank (UTB), which provided the 12-month loan, was able to progress the case efficiently with the use of an automated valuation model.
Briggs (pictured) said the swift completion was made possible by early engagement with the lender’s compliance team and leveraging the borrower’s existing legal connections. The client’s original solicitor, who had acted on the initial purchase of the property, also handled the refinancing work, a move that contributed to the speed of the process.
“This case demonstrates the importance of addressing potential technical issues early in the process, especially when dealing with international clients,” said Briggs.
“By engaging with the lender’s compliance team and leveraging the client’s existing legal relationships, we were able to deliver a swift solution, enabling the client to proceed with their purchase as quickly as possible.”
Nick Warren, business development manager – bridging at United Trust Bank, credited the success of the deal to the clarity and completeness of the information provided at the outset.
“Gareth provided us with all the information we required early on to enable us to assess if we were comfortable with the borrower’s source of wealth. This allowed the speedy execution of the transaction, and we were delighted to assist the borrower in completing their Canadian purchase,” he said.
“Working collaboratively with knowledgeable and experienced brokers like Gareth enables the whole process to flow quickly and seamlessly, and we look forward to assisting Gareth and the Arc & Co. team with more bridging deals in the future.”
