We were approached by a residential mortgage broker who had a client that had purchased a residential investment property at auction. They thought they would be able to obtain finance from their bank but their request was declined.
Due to the tight deadline bridging finance was considered but we were confident that we could raise long term finance within the time limit. The loan application was received and due to our strong relationship with Shawbrook we rang them to ask them to put it to the top of their workload. This was done and we obtained agreement. As a partner of Shawbrook we are able to instruct valuations so the valuer was then instructed and visited the property the next day with the valuation report being received the day after.
A formal offer was then issued and it was down to solicitors to finish the hard work that all parties had put in. As we are copied in on all solicitors correspondence issues were identified early and dealt with quickly.
The deadline was achieved and the clients now have a new addition to their property portfolio.Tags: Bridging