The deal, introduced by London-based specialist distributor, Enterprise Finance, was a second charge secured on the applicant’s main residence in London. The purpose of the loan was to raise funds for an investment property in Italy.
The clients already had a £692,000 mortgage on their primary residence from the Bank of Scotland, but approached Enterprise Finance for some additional funding for the overseas property. Because of the urgency of the request, they were referred to Dragonfly Property Finance.
Within 48 hours of receiving the application, Dragonfly had both approved the loan of £250,000 and delivered the funds to the client’s bank account.
Mark Posniak, head of marketing and operations at Dragonfly Property Finance, said: “This was one of those deals that very quickly stacked up - a textbook second charge, if you like. The client had the right credentials and we were very comfortable with their primary residence, in which they had a good chunk of equity. When a client ticks all the boxes like this one did, funds can be rapidly freed up.”
