Loan Type: Bridging Loans | Amount: £150,000 | LTV: 70% | Term: 12 months
Bridging loans can be used for a multitude of reasons, especially where the matter is time sensitive. With an industry average of 53 days, Aria Finance received an enquiry from a client in need of a 6-day solution. Aria Finance helped complete it in just 4 days!
The Client
A residential homeowner, with equity in their property, who was looking to purchase a plot of land in Spain.
Situation
The client had already exchanged on the plot of land in Spain, which they intended to use for personal use. However, they did not have in place a payment vehicle to facilitate the completion. The client had been proceeding with a remortgage on their property worth £990,000. However, they soon realised this was not going to complete in time. They only had 6-working days to find a quick solution or risk losing their purchase.
Our solution
Upon receiving details of the case, we understood the need to move quickly to purchase of land outside of the UK. Aria Finance carried out a fact-find and recommendation to the clients and sent the paperwork on the same day as the initial enquiry.
Aria Finance has an extensive lenders' panel and strong relationships and we were able to send out terms and receive all documentation back in 4 days; with the funds being received by the clients at the end of the fourth day.
Understanding how our lenders work and what is required meant all necessary documents were requested and processed in good time. The lender was also able to proceed without an AVM saving the customer valuable time and money as a full valuation was not needed on this occasion.
The lender was able to complete the loan with their internal legal process, which meant the client saved further money on legal fees as well as speeding up the process significantly.
Result & Benefit
Aria Finance was able to move quickly to carry out the fact find and recommendation on the same day as receiving the enquiry and ensure forms were sent out to the client as quickly as possible. Using our strong relationship with the lenders we were able to ensure a quick turnaround from when the application was submitted to completion.
Aria Finance saved the client on fee's and valuable time by placing the application with a lender who could fund the case internally meaning no solicitors we required.
