Thanks for your help nikezzz
I managed to solve the problem myself after a day or so research. I found a blog with a similar problem reported to my own, with an answer to fix it.
Boot with -s. When you see the prompt "root:":
Type: mount -uw /
Type: cd /System/Library/Extensions
Type: mkdir intel_back
Type: mv AppleIntelHD* AppleIntelF* intel_back/
Type: touch ../Extensions
Reboot and use -v flag.
This solved my problem, machine booted up instantly after the bootflag -v and it even went back to it's original boot speed.