Any bridging loan completed in just 4 working days is always impressive.
But this is not the most impressive part of this case study.
Along with a fast completion, the customer also needed to raise as much funds in their hand as possible.
We used Precise for this, who for bridging loans secured against residential type properties, offer the overall cheapest range of bridging products currently available.
There is a common misconception in bridging finance that fast bridging loans have to come at a premium. Some higher-cost lenders market themselves heavily around speed, which is unfortunately creating the impression that if a borrower needs funds quickly, they must accept a higher interest rate and higher fees.
This case proves that is not true.
Since being taken over by One Savings Bank in 2019, Precise have vastly improved their bridging products, quality of service and efficiency. They are one of the original lenders to offer dual legal representation, an option that makes bridging loans so much easier, cheaper and quicker to complete. They have also recently introduced low cost Title Insurance as an option, so this can also help to increase speed.
Application to completion within 2 weeks, is in most cases perfectly achievable with Precise. Over the past few years we have completed many urgent bridging loans with them in around a week. Four working days is a record for us though, having competed cases a number of previous cases with Precise in five working days.
In this case, the client wanted to raise as much as possible. The property was valued at £1.15 million, and at 75% LTV, the maximum gross loan available was £862,500. For regulated bridging that is refinancing, 75% LTV is the maximum available in the marketplace.
Once the facility fee and 12 months’ rolled-up interest were allowed for, the client received a net loan of £795,000.
Had the client been drawn to a more expensive lender that promotes themselves on speed, the likely terms at 75% LTV would have been at least around 0.85% per month with a 2% facility fee. On the same gross loan of £862,500, that would have produced a net advance of approximately £763,000.
That is a difference of £32,000.
The gross loan, or the amount repayable at the end of the 12 months term, would have been the same. But because Precise have a significantly lower, market leading 75% LTV rate, the client would wind up paying less for the loan facility. This saving means that more net funds are available, in this case £32,000 more on their net loan.
This is not a small saving, it is real money going to the client, rather than lost to higher lender pricing.
The bridging market often rewards noise. Lenders complete one quick case and immediately publicise how fast they are. The message that follows is usually simple: “Use us if you need speed.”
But speed alone does not justify higher costs.
The reality is that every lender has a process. No lender can guarantee that every case will complete quickly. Many of the lenders that market speed most aggressively can still be slow, frustrating, or difficult on the wrong case.
In addition, many “fast completion” stories involve cases that have already been worked on elsewhere. A valuation may have been completed. Legal work may already be underway. Documents may already have been gathered. The second lender is then able to pick up a case where much of the groundwork has already been done.
This case was different.
This was a brand new enquiry. Nothing had already been worked by another lender. The case started from scratch, and everything was completed within just over 4 working days.
The client first contacted us on the Thursday.
Phoebe initially spoke with the client, assessed the requirements, identified the most suitable lender, and then saw the case through to completion. Her efficiency and understanding of different lenders’ criteria, pricing, plan options, and processes were key to the speed of the transaction.
On the same day, the client was provided with quotes and a decision in principle from Precise. The proposed loan was a £795,000 net regulated bridge, based on a valuation of £1.15 million.
The valuation was supported by an AVM, meaning there was no valuation fee for the client and no need to wait for a physical valuation.
By the end of Thursday, the client had decided to proceed. A full application was completed and submitted to Precise, ready for them to begin work first thing on Friday morning.
Precise underwrote the case on Friday and sent it for offer that afternoon.
The following working day was Tuesday, due to a Bank Holiday Monday, and the offer was produced that morning.
The solicitors, JMW, acting on a dual representation basis, issued the mortgage report to the client within 1 hour. The signed report was received back on Wednesday morning, and funds were released early on Thursday morning.
The client needed the money by the end of May. The funds arrived on Thursday morning, leaving all of Thursday and Friday still available before the deadline.
Precise has consistently been one of the most competitive lenders in the bridging market. In our experience, many of their plans are among the cheapest available, and all of their plans remain highly competitive.
What this case shows is that competitive pricing does not have to mean slow service.
Precise has been capable of completing both regulated and unregulated bridging loans within a week for some time, where the case is suitable and all parties move quickly. This makes them a very strong option for borrowers who need speed but do not want to pay unnecessary premium pricing.
This is particularly important for property investors, developers, and auction buyers.
Auction purchases are often time-sensitive, and borrowers are regularly pushed towards specialist auction lenders on the basis that they can move quickly. But those lenders are often more expensive. When a lender such as Precise can meet the required timeframe at a much lower cost, the borrower keeps more of the profit.
For investors buying at auction, saving thousands of pounds on interest and fees can materially improve the deal.
That saving belongs in the borrower’s pocket, not the lender’s.
This case was a regulated refinance bridge, but the lesson applies more widely.
Precise can also be a strong option for auction purchases. Their application process is smooth, their pricing is highly competitive, and where the case fits, they can move quickly enough to meet tight completion deadlines.
They also offer heavy refurbishment bridging plans, which are among the most competitively priced in the market. That is especially useful for investors buying properties at auction that are run down, or in need of significant works.
Those are exactly the types of properties where bridging finance is often required, and where using the wrong lender can erode the profit before the project has even started.
The key message from this case is simple.
Do not assume that the fastest lender is the most expensive lender.
And do not assume that an expensive lender is the fastest lender.
The right bridging lender is not the one shouting the loudest about speed. It is the lender that can meet the client’s deadline, fit the case properly, and deliver the best overall outcome in terms of cost, structure, certainty, and net funds released.
In this case, choosing the right lender meant the client received £32,000 more, purely due to cost savings, than they likely would have received from a higher-cost alternative.
Fast bridging finance is valuable. But fast bridging finance at market-leading pricing is far more valuable.
This case study clearly demonstrates that borrowers do not need to pay premium rates to achieve a fast result. With a good broker using the right lender, it is possible to secure both speed and value.
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