Mayfair completes £2.4m loan
Mayfair Bridging has completed a loan worth £2.4m where the borrower was settling with a high street bank for the misselling of an interest rate hedging product on their loan.After entering into the product when interest rates fell his payments rose by 400 per cent, seeing major exit charges.
Shoaib Bux, divisional director at Mayfair bridging, said: "This was an unusual transaction as the borrower's properties were in receivership but there was ongoing litigation against the high street bank."We had to work closely with the bank's lawyers to ensure the transaction ran smoothly.''
The loan was introduced by Danmirr Capital.Yasin Patel, divisional director at Mayfair Bridging, said: ''This was a complex case as we had to work with three set of lawyers and copious amounts of legal documents to ensure settlement. "The entire team at Mayfair made it happen and demonstrates our appetite to lend and our capacity for larger loans.''