BloomSmith launches new fast track product

Short-term lender BloomSmith has announced the launch of a new fast track version of its VAT facility.

Founded in September 2016, London-based BloomSmith provides unsecured funding to cover the VAT on a property purchase.

While the process for the new product remains the same, borrowers are now able to draw down funding within five days of the application.

Peter Bloom, chairman of BloomSmith (pictured above, left), said: “We give comfort to the clients that their VAT obligation will be fully satisfied by completion.

“Naturally the initial application fee is slightly higher, but we need to cover a lot of ground.”

The launch follows a significant rise in demand for a quick turnaround of BloomSmith’s facility.

“It has been well received,” added Peter.

“As some of the uncertainty surrounding the [EU] referendum and the US elections recedes, there is growing activity levels from both owner occupiers and investor/developers.

“We think that this fast-track option is going to help support our customers and their businesses.”

Also pictured: Matthew Hill, CFO of BloomSmith (centre), and Nigel Smith, CEO of BloomSmith (right)

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