£171,500 Bridging Loan Completed in 10 Days to Avoid Default Charges

A client required urgent refinancing, as their existing bridging loan was nearing expiry. While they already had a remortgage application in progress with another lender, delays meant a short-term solution was needed to prevent the bridge from exceeding its agreed term and incurring default charges. We were tasked with securing a £171,500 bridging loan within a tight timeframe. We received the enquiry and passed it to our processing team the following day. During underwriting, we identified several challenges, which included the client’s income initially not meeting the lender’s requirements. Following further review, it became clear that the client’s income structure was not suitable for a serviced bridge. Rather than allowing this to delay the application, we discussed the loan structure and a retained bridging loan proved to be the most suitable solution, enabling the client to proceed with the selected lender.

Despite the complexities involved, we worked closely with the lender and all parties to keep the application progressing smoothly. We secured the full loan amount required, providing the client with the finance they needed before their existing bridging facility expired. From the initial enquiry to completion took just 10 days, with only 2 days between instruction and completion. By adapting the loan structure, a solution was found within the required timeframe, allowing the client to avoid default charges and continue with their planned exit strategy of refinancing onto a buy to let mortgage.