Greenfield Mortgages, the Birmingham-based lender, has successfully completed a £250,000 bridging loan in just five working days, enabling a customer to purchase a new residence in Sweden and start a new life in Scandinavia.
The loan was provided through a first charge over the customer’s current residence, which will be used to repay their current mortgage, and the remaining amount will go towards the purchase of the new property in Sweden.
The customer, who lives in a five-bed detached property valued at £795,000, approached independent mortgage brokers John Charcol for assistance in finding finance to pay off their existing mortgage and fund the purchase of a new home in Scandinavia before selling their current home in the UK.
John Charcol reached out to Greenfield Mortgages, which has a reputation for providing quick resolutions for short-term borrowing cases.
The 31.45% loan-to-value (LTV) agreement was completed at Greenfield Mortgages’ flat rate of 0.59% over a 12-month term, with the total repayable at the end of the term being £273,651.53 at an LTV at that point of 34.42%. The facility has no exit fees or early repayment fees.
Emily Gould, specialist lending araplanner at John Charcol, praised Greenfield Mortgages’ quick decision-making and ability to provide a quick resolution for short-term borrowing cases.
She said: “We’ve used Greenfield Mortgages on a number of occasions when we need a quick resolution for a short-term borrowing case”.
“All of their business development managers are experienced underwriters and know what it takes to make a case happen. Their ability to make quick decisions makes it possible for us to do what we do best – helping our customers get the outcome they need as quickly as possible.”
Richard Keen (pictured), Greenfield Mortgages’ national account manager, added: “This case is a great example of how regulated bridging finance can help customers break the shackles of a property chain”.
“By quickly accessing funds which let them purchase a new property without having to wait for their existing one to sell, customers can free themselves from having to rely on other people in often slow-moving chains from completing first.
“We’re delighted we were able to complete the loan within five working days and wish the customer all the very best for their exciting new life in Sweden.”
Andrew Franklin, Greenfield Mortgages’ underwriter, concluded: “We are an agile lender with a slick process which gives us the ability to quickly assess cases and provide a firm and committed decision, the fact I take full ownership of a case like this from initially reviewing the case to confirming completion means we know exactly where the case is at any one time and what is needed to take the case to completion – it’s what makes us different.”
