Hampshire Trust Bank's new Commercial Mortgages division has completed its first deal, just six working days after the decision in principle was made.
The application was submitted by Enterprise Finance on behalf of a London-based borrower looking to refinance their buy-to-let property to clear a bridging loan. The £550,000 loan has an LTV of 50%.
Hampshire Trust Bank officially launched into the commercial mortgage sector just three weeks ago (27 April) with a suite of products with loan amounts from £100,000 to more than £10m.
Harry Landy, Sales Director at Enterprise Finance, said: "We are delighted to have been involved in the completion of Hampshire Trust's first commercial mortgage.
"I have been very impressed with Hampshire Trust's pragmatic approach to this transaction, also with the speed and simplicity of the application process. The legal process has been handled very efficiently and it was refreshing to see such open dialogue between all sides, which has resulted in a very speedy turnaround.
"It is great to have another competitive option for our clients and I am sure that this is the first of many mortgages we will be completing with the team at Hampshire Trust Bank."
Hampshire Trust Bank completed its second commercial mortgage deal the day after its first and has a number of applications in the pipeline.
Colin Bell, Managing Director of Commercial Mortgage at Hampshire Trust Bank, said: "We have been working really hard at Hampshire Trust Bank to build the division and it is really exciting and rewarding to have our first completions.
"Progressing an enquiry through to completion in six working days is a real credit to the teams at Enterprise and HTB – it demonstrates what working in partnership with the right people can achieve."
For more information visit www.htb.co.uk/commercial-mortgages