By acting quickly, we created a bridging solution for our client to finance his semi-commercial property - all within a tight deadline and following in the wake of his previous plans, which had collapsed.
Initially, our client planned to buy a semi-commercial property next door to his existing property - for the purposes of future developments on the entire plot, and potentially knocking through and conjoining the two properties.
Before our client approached us, he had attempted to finance this purchase through a long-term mortgage.
However, the plans would fall through due to various delays and he came to us instead after exhausting this avenue. Crucially, he had already agreed to buy the property on certain terms; having already exchanged contracts with the vendor, which meant he had agreed to pay within a specific date.
Naturally, when the mortgage plan fell through, our client was anxious to find a new solution to rectify the problem as quickly as possible. On top of this, he had already used up most of his own funds.
Additionally, before coming to us, our client had to extend the dates for buying the property beyond that which he had already agreed.
Our broker would have to move as quickly as possible, to make sure our client secured the property within the already extended dates.
From the outset, we suggested a short-term solution to match the tight deadline. We would plan to raise £160k via a bridging loan based on the asset for the purchase of the new property.
To alleviate our client’s concerns, we managed to get the bridge set up quickly. The initial application took place as soon as possible.
The only difficulty was in finding an appropriate lender to take on the case. But through the various bridging loan companies we work with, and the diligent work of our broker, we managed to find the right lender who was willing. Naturally, they would offer the necessary loan amount within the time frame.
The bridge was completed in under three weeks; this included all legal work required from solicitors, valuations and all necessary underwriting from the lender.
We managed to deliver under a tight deadline through an appropriate solution to the benefit of all involved. We eliminated insufficient lenders right off the bat and found our client the right lender to suit his circumstances with no further worry of delay.
In this time-sensitive scenario, the client's plan would likely have collapsed without the assistance and expertise of our broker. Fortunately, we solved this problem by delivering the right bridging solution.
Whatever you need your next short-term finance loan for, we’ve got you covered. Let our friendly expert team find you the perfect tailor-made solution.
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