Montello expands funding and completes first medium-term loan
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Montello Bridging Finance has expanded its funding lines, enabling it to enter the medium-term loan market.
The lender completed its first medium-term loan last week in a £1.2m deal for a three-year term on a mixed use residential and commercial property in London.
Christian Faes, managing director of Montello, says the deal was a classic example of a situation where the borrower should have been able to obtain a loan from a high street lender but was unable to due to a minor issue.
He says: “The deal was done at a very conservative LTV against a prime London asset. This was a situation where the deal made sense, and we were able to utilise our flexible funding lines to arrange a deal that worked for the borrower.”
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Readers' comments (1)
Anonymous | 8 Feb 2012 6:47 pm
If it was only a minor issue surely they only needed a short term loan in order to get it resolved or was this done at near prime high street rates?
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