Online broker Loan.co.uk and specialist lender Together combined forces to complete a bridging loan in five days to save a property deal from disaster.
The situation arose when a widowed client, who had her heart set on a new home nearer family, experienced eleventh-hour delays on her own property sale, meaning she had just eight days to find another source of funds or her purchase would fall through.
However, her quick-thinking broker Cairn Robertson of Lifestyle Protection referred the case to Loan.co.uk.
Bridging loan adviser Andrew Ramsay was on the case the same day.
He said: “Time was against us, and it wasn’t the most straightforward of cases as we noticed the client’s existing property was not held in personal names but actually in a trust. However, we were able to expedite things. Together was the best lender for the situation and it was hugely advantageous that they could accept an automated valuation.
“They tend to be easy to deal with and no-nonsense, so we got all the paperwork to the client’s solicitor in three days. Working with the solicitor and the underwriter, we also managed to transfer the property from the trust into the client’s name at the same time as registering the charge for Together. Everything was in place and the drawdown completed on the fifth day.
“The broker and client were delighted, and it was highly satisfying to be able to save the deal.”
The client was able to complete her house purchase as planned, using the £190,000 bridging loan from Together.
Robertson added: “This was certainly a challenge, with the complexity of the case and the time factor. However, I knew if it could be done, Loan.co.uk was our best bet – and they didn’t let us down.
“I’m delighted for my client who is thrilled that she’s managed to secure her dream property. A great outcome for all concerned.”
Sundeep Patel, director of sales at Together, said: “This case just shows how important close relationships – between brokers, packagers lenders and solicitors – are in getting the best outcome for customers.
“We were very pleased that our team, including experienced expert underwriters, were able to help save this property purchase by providing a bridging loan so quickly, allowing this customer to meet their ambitions of buying their dream home.”
