Loan type: Bridging loan | Loan value: £1,800,000 | LTV: 53% | Rate: 0.49% |
Loan term: 12 months
Trying to get a property purchase over the line can be hard enough as it is – throws in a global pandemic and a lender pulling out that the last minute after the contracts have been exchanged and it could be deemed impossible. We pride ourselves on our breadth of knowledge of the market and being able to complete complex cases quickly.
Due to our speed and drive to find a solution we were able to secure funds for this high-value bridging loan – in only ten business days.
The Client:
The clients were a Mother and Son who were purchasing a residential property. They were going to move into the property as soon as the purchase was completed.
The Situation:
The client had already exchanged contracts and needed to complete them when the mortgage lender suddenly withdrew their offer due to the coronavirus pandemic and lockdown being introduced. The client was looking at losing their entire deposit, which was a lot of money.
The Solution:
There was a need for speed as the client urgently needed to complete on the property purchase as the contracts had already been exchanged – meaning the entire deposit would be lost. The only option at that stage was a bridging loan. We contacted a lender who we had worked with previously, who we knew had the appetite to lend and that would be able to get the deal done – and fast.
Benefit:
This case was able to proceed at the speed it did due to the relationships and access we have to many specialist lenders. The team knew what lenders were still open for this kind of business, which meant that they only approached those that would be able to help.
Result:
The result of the work carried out by the team was a £1.8m bridging loan completed in only 10 business days, which ultimately saved the client from losing their deposit on the house and allowed them to purchase their dream property during lockdown when nearly all lenders had stopped lending.