Loan type: Bridging Loan | Amount: £215,123 | LTV: 63% | Term: 12 months
Bridging loans prove advantageous when time is critical, allowing borrowers to secure funding with days, provided they meet lender criteria and furnish all necessary information for approval.
This case highlights that very scenario and how Aria Finance, a master broker of specialist finance, used their expertise to secure funding for the client - fast!
The client owned a plot of land, in a limited company, that was adjoining their home. They were looking to raise funds against their home for development work to begin on this piece of land.
The client had a month before they needed the funds available for drawdown however, they wanted to ensure the loan was ready to complete, for peace of mind. They had a clear exit strategy in place, with a planned sale of their main residence.
To ensure a swift completion for the client we reviewed our panel of lenders and chose to place the case with a lender who would take a common-sense approach. Despite the case being slightly outside of AVM criteria, the lender assessed the case as a whole and felt confident to proceed with an AVM, enabling an offer to be issued the same day the application was received.
Benefits & Results:
Once again, our expert knowledge of the industry and trusted relationships with our panels of lenders supported a swift completion, and funds were ready and being held until the client was ready to complete. In addition to the AVM, the case benefitted from internal legal with the lender which meant the customer saved on legal costs while also keeping the completion time swift.