Beating the 28 Day Deadline with a £100,000 Bridging Loan

A client contacted us looking for a £100,000 loan to purchase a bank repossessed property within a tight timeframe. The property was originally a house that had been converted into two flats, and the client planned to renovate it, converting it back into a single residential property. With repossessed properties requiring quick completions, the client had a strict 28-day deadline to secure funding, complete the purchase and ensure renovation works could start without delay. We identified bridging finance as the most suitable option, due to the speed at which the funds were needed. While the client initially had concerns around the potential complexity and costs involved in arranging bridging finance, he was keen to find a solution that was straightforward and stress free.

We received the initial enquiry, conducted a fact find and set to work on sourcing a lender offering the most favourable terms tailored to the client’s circumstances. Within just 4 days, we had secured a suitable option. To help speed up the process, we carried out an automated valuation model (AVM), saving valuable time. The client had already arranged buildings insurance prior to submitting the application, which also allowed us to avoid unnecessary delays. The bridging loan was structured on a 12-month fixed term basis, allowing for early repayment without penalty. This flexibility was needed, as the client’s exit strategy was to refinance onto a residential mortgage once the renovation works had been completed. Thanks to our clear and consistent communication throughout the process, and no upfront fees on bridging, the client was overjoyed we were able to complete within the 28-day deadline. This allowed the client to complete the purchase and carry out renovation works as planned.