Poole’s finance firm accepts £1.5m loan for Bath property deal

A Poole-based property finance specialist has provided a £1.5million bridging loan to help a developer secure a residential deal in Bath.

MSP Capital said it agreed to the loan with Juno Developments in the fastest loan turnaround in its 41-year history.

Securing funds within 24 hours enabled Juno to move forward with the acquisition of another development site for a block of flats in the town of Somerset, according to MSP.

Paul Miracca, Director of MSP Capital, said: “We understood the need to act quickly, so we worked late into the night to ensure the transaction was completed on time for the client.

“They came to us knowing our reputation for going above and beyond and using our real estate expertise to act decisively on loan applications. I am truly proud of the way the MSP team has worked together so tirelessly to get this across the line so that the client doesn’t miss such a great opportunity.”

Mr Miracca said timing was “everything” in the bridge market and his team’s agility enabled the company to move quickly.

“We are not like a street bank that can be held back by red tape or bureaucratic processes,” he added. “Even though we have done the exact same level of pre-loan checks, we have the advantage of agility and a team that can make decisions and act on them very effectively.”

James Dean, director of Juno Developments, said: “I doubt many backers are even considering the concept, let alone delivering it. We finished with a few minutes to spare, a great performance from the MSP team, thank you.

MSP Capital was founded in 1981 and is a leading development and transition lender, offering solutions for amounts up to £20m.

Do you like this story? Why not sign up to receive the latest South West business news straight to your inbox.

Previous Letters to the Editor - Texas A&M newspaper, US Postal Service, term limits, girls and school
Next Corporate finance firm boosts advisory services