£1 million facility completed within just 3 working days of application, saving our client thousands!

We were contacted on a Wednesday evening by an applicant looking for a bridging facility of a little over £1m, urgently required to replace an existing facility that was due to end on Monday, meaning we had just 3 working days to pull this off!

Our client purchased a terraced house in London to renovate and sell. The work to the property had been finished and a sale agreed.

Unfortunately, they were unexpectedly let down with regards to a sale. This was potentially disastrous because they had previously taken out a finance facility that contained a 6% penalty for going over term!

We needed to arrange an alternative facility to repay the existing lender before the deadline, otherwise our client would incur almost £70,000 of additional charges.

A 70% loan to value bridging loan was required. The property had been substantially improved by our client, so due to the property being purchased not that long ago, and for a price much lower than its current value, we were unable to use automated, desktop or drive by valuations. We contacted a number of surveyors acceptable to our chosen lender, and managed to organised one of them to go around that afternoon (Thursday).

At the same time, we were organising the loan offer and had also instructed the lender’s solicitors so that they could get their ducks in a row. The loan offer was issued late Thursday and our client took it to their solicitor the following morning where they signed it. This was then sent to the lender’s solicitor.

Going into the weekend we were just waiting for the valuation report, which arrived, as promised, early Monday morning. The loan completed by mid-day and the client’s solicitor had the funds by 2pm, who then repaid the previous lender.