Helping a client meet an auction deadline
See how our team secured a regulated bridging finance loan, working quickly to ensure the client met their auction purchase deadline.
Regulated Bridging Finance for Property Auction
We were approached by a broker with a client looking to purchase an auction property with a strict deadline. The client had an existing home in Leicestershire but were looking to relocate and had not yet found a buyer for their current property, which meant they did not have sufficient funds to purchase the new property she had fallen in love with immediately.
Our client exchanged with a 10% deposit on the property, which had a total purchase price of £325,000. The auction house set a 28-day completion deadline, so we immediately set to work identifying possible solutions that could help our client cover the full cost.
Using our regulated panel access, which provided us with exclusive products on the financial market, we found a lender who could offer a quick underwriting process and an automated valuation.
We organised a loan with a net value of £290,000, managing all the paperwork and processing the application ourselves as the introducing broker was unable to offer advice or support on regulated products.
With the result being that our client was able to complete the purchase of their dream property.
Overview of Case Study
- Value: £325,000
- Loan: £290,000
- Term: 12 months
- Rate: 1% per month
- Exit: Sale of existing property
Additional Information
Despite us taking on the workload, the introducer received a payment of more than £2,500 on completion of the loan. We are continuing to support the customer with an exit for the bridge where we will share the commission with the introducer.
Ref No. CS9
