Funding the purchase of land in Spain
We helped secure a £37,003 loan at short notice to allow a client to purchase contested land in Spain for development.
Second Charge Bridge Loan
Forecast Finance secured a £37,003 loan on a quick turnaround for a borrower looking to purchase land in Spain which would then be used to develop a holiday let property.
The borrower needed to raise money for a deposit quickly as they were competing for the land with a cash buyer.
We contacted our partners at Together Money to organise this loan as we knew they would be able to handle it effectively and time sensitively. Within hours of initial contact, we had agreed the terms of the deal, including a 1.3% per month interest rate over a 12-month term.
By gathering all the relevant and necessary supporting documents quickly and working closely with the team at Together, we were able to submit the application and ensure the loan process proceeded smoothly. Our contact at Together, James Barnes, responded to all our emails and calls within half an hour over the two days following the submission of the loan application.
James worked directly with our client to fully understand the case and the exit before releasing the funds just three days after terms were agreed.
The total time taken from introduction to releasing the funds was six days.
Steve Arnold, the Introducer who brought the client to us, said:
“Great to work with Sonia Johnson at Forecast Finance. I referred an urgent 2nd charge Bridging Finance case to Sonia on 22nd Sept and the case completed on the 28th of Sept, exceptional effort and one very happy client, thank you Sonia.”
Overview of Case Study
- Property value £325,000
- Loan – £37,003
- Rate 1.30% per month
- Term 12 months
- Exit of Bridging loan – Sale
- Loan purpose – Client looking to raise money quickly for deposit on a piece of land which she will then develop a property for holiday lets.
- Lender – Together
- Introducer earnt £1780 for just passing the clients name and number.
- Completion time (from terms being accepted to completion) – 3 days
Comments from the client
“7 days ago, I contacted Sonia Johnson from Forecast Finance. Having run my own business for over 20 years, I have dealings with many hundreds of Companies. In all that time, I can say, with all honesty, I had never had the pleasure of dealing with a more efficient, effective, and understanding individual, as Sonia.”
“Her total professionalism and focus were greatly appreciated whilst trying to secure finance. I can highly recommend this service from Sonia, and as I am ex employer, I would offer her a job in my company without hesitation. A joy to work with.”
Ref No. CS3
