May 17, 2021

A bridging loan completed in only 5 hours!

Loan Type:

Bridging Loans

Loan Value:

£145,000

LTV:

40%

Loan Rate:

0.75%

Loan Term:

12 months

Everyone talks about fast bridging – but how fast is fast? The industry average completion time when it comes to bridging loans is currently 53 days.

We are proud that our average bridging loan completion time is 37 days. But forming strong relationships with lenders and brokers can accelerate that even further.

Last week, through these strong relationships we achieved the fasting bridging loan completion to date – 5 hours!

The Client 

 

The client had a buy-to-let property that was on the market to be sold and was planning on using the funds from this sale to buy a new property to live in.

The Situation

 

The client risked losing the new home as it was a property in a very desirable area and one in which properties do not come on the market very often.

Our Solution

Speed was the driving factor for this application, so an un-regulated bridging loan was the only option for the client in this situation.

We arranged a desktop valuation meaning nobody needed to visit the property. The lender used also did not require any external solicitors to act on behalf of the client and took care of all legal work internally.

Again, the benefit of this was a significant reduction in time to complete the legal works and less cost. The client borrowed £145,000 which was enough to buy the new home outright and cover associated costs.

Benefit

 

Having strong relationships with specialist lenders enables us to proceed quickly, sometimes, and in this case at incredible speed.

We also had a great relationship with the broker, who knew we could deliver in a tight deadline as we have worked with him and his company many times before.

Result

By coming to Enterprise, the funds were delivered in just 5 hours, allowing the client to successfully purchase their dream home, without getting gazumped by another buyer, but it also gave them a whole year for their current property to sell, relieving a lot of stress for the client.


For a quick chat, a meeting to discuss opportunities, or a more complicated deal on your desk – drop us a line or give us a call today on 020 8731 5333.