Bridging Loan Offer in 2 Days and Completion in Less Than 7
Having been rejected for a mortgage, our client was now looking for a bridging loan to buy a new residential property before his current one sold. The loan was to be secured on the purchase property only, as it was of enough value to borrow the loan required and because the clients current 1st charge lender would not allow second charge consent on the current residential. The rest of the purchase price was made up of savings.
UK Property Finance have access to all main premium rate lenders in the market which also allows us access to many special rates starting at below 0.4%.
“This was no ordinary house”
The client was looking to exit the loan by mortgaging his purchase property. However, the finance was not available at this stage due to the client’s lack of first full year’s accounts from his new business venture. The mortgage had been declined and left him short of time to complete the purchase of his desired property. This was no ordinary house as was soon revealed, this was once owned by the client’s parents and where he had spent much of his childhood. The considerable sentimental value to our client spurred the team to find a resolution.
“The dream team quickly assembled into action”…
Indeed, due to the time taken before contacting UK Property Finance, the vendor had now threatened to pull out of the sale if completion did not occur within 1 week. We were told of the urgency during our very first contact with the client and following an initial fact-finding process.
The dream team quickly assembled into action and instantly provided a quotation for the client’s requirements. The client wanted to proceed, so within 2 hours we had obtained a lenders agreement in principle at the most competitive rate in the market. UKPF had also negotiated with the lender to allow an automated valuation which would make the process much quicker. The team immediately created the finance pack and uploaded this to the document collection company who met the client at 8pm that evening, by upgrading to a premium service. By the time UKPF opened for business at 8am the next morning, the finance pack had already been scanned and emailed back so it could be rapidly submitted to the lender.
Liaising closely with the lender who lost no time in completing the underwriting and automated valuation, this enabled an offer to be received on the same day of submission. The offer also went to the lenders and client’s solicitors who had been prewarned about the urgency of the case. Even with some minor delays, UK Property Finance continually chased this regulated bridging loan to complete within a week of initial client contact. Continued support to our client meant UK Property Finance could arrange a mortgage for the client to repay his bridging loan within 3 months of funding.
UK Property Finance is not just a bridging loan specialist and can offer many different lending solutions. To find out how we can support you please contact us on 0116 402 7982.