Bridging Loan | 1 Year | £52,500

Completion : July 2020

Finance Type : Bridging Loan 1 Year

Amount : £52,500

Term : 1 Year

Sector : Residential Investment

The customer agreed to purchase a property at auction during the COVID-19 pandemic, initially approaching a different broker to arrange funding for him. Following advice from his broker he applied for a buy-to-let mortgage on this property which fell through leaving our customer without funding and only a matter of days to arrange funding and complete on the purchase. When he contacted us and explained the situation our recommendation was a bridging loan to ensure he completes on the property in a timely manner. The lender instructed valuation within just a few hours of receiving the application form and booked in the valuation for just 2 days later. The valuation report was received back shortly after the appointment leaving us in a position to instruct legal and complete on the purchase with days to spare.