Bridging Loan Completed in 8 Days
Broker Commission
£1,050
The Client
A property developer client purchased a dilapidated barn in East Sussex at auction to add to his property portfolio. The client’s goal is to renovate the property and re-finance once the works are complete.
The Situation
With only 16 days until the auction purchase deadline, the client needed a solution and fast! The client required a bridging loan of £108,000 to complete the purchase, with a 6-month loan term. Due to the condition the barn was in, many lenders refused the deal as they didn’t see the property as suitable security to fund on.
The Outcome
Our team quickly identified a solution aligned with the client's needs. We reviewed his property portfolio to assess whether we could leverage against another property. Within 2 hours of receiving the initial enquiry, we had issued terms with a lender who was happy to raise the money against another property in the client’s portfolio, without a valuation. The need to complete quickly meant we were able to avoid external solicitors, avoiding legals. We secured the funds in just 8 days of receiving the initial enquiry, allowing the client to purchase the barn within the auction deadline.
“We are often presented with a case at the late stages of the purchase process, when an applicant’s prior attempts to secure funding have failed. Being able to secure the funds for a borrower in time so the purchase can go ahead is always rewarding.”
Stuart Cullum-Machin
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