Customer Profile
Broker had a client wanting to purchase a new residential property and under pressure to complete by a tight deadline and concerns about the speed of sale on their existing property.
Scenario
The proposed new residential property purchase was for over £400,000. The broker’s client had their existing main residence on the market for just under £1,000,000, but there was a delay in the chain with the buyer of this property. The vendor of the new purchase was threatening to put the property back on the market and the broker’s client wanted to secure the property knowing that their property sale was only delayed.
Brilliant Solution
A Bridging Loan was arranged quickly for just under £400,000 which enabled the purchase of the new residential property to complete. Funds were confirmed in time to secure the property and also in place to complete the transaction.
Result
We raised the required amount in a good timeframe which kept the chain together and all parties were happy; not only the broker’s client but all parties to the chain. The sale of their original property went through after the purchase so the bridging loan was swiftly repaid.