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Bridging company completes lending case in 48 hours

02 August 2010
Written by rosalind renshaw

Bridging company Drawbridge Finance has completed its fastest ever deal – from submission to completion in under 48 hours.

The case involved an auction purchase for investment purposes that was rejected by a high street lender because the property didn’t have a bathroom.

It arrived at Drawbridge’s London offices mid-morning on July 13 via recorded delivery from Bournemouth-based packager Positive Lending, and, given the experience and quality of the borrower, was offered within two hours of being underwritten.

On July 14, specialist lender services law firm Pure Law carried out all the necessary legal work and on July 15, less than 48 hours after being submitted, funds were released by Drawbridge Finance and the case completed.

Paul McGonigle, managing director of Positive Lending, said: “Speed of completion was essential to this case and we weren’t let down.”

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