Precise has delivered a bridging loan in seven working days from decision in principle (DIP) to completion, helping to fund the build of a family annexe to an existing residential property.
The case was presented by distribution partners, Positive Lending, who were seeking short-term finance for an older couple to build an annexe at their daughter’s property for them to reside in.
The couple’s existing property was used to secure the first charge bridge and would later be sold to exit the loan once the annexe was ready to move in to.
Following recent upgrades to policy around automated valuation models (AVMs), Precise were able to act quickly and provide the bridge on their standard rate within one day.
Due to the strong relationship with panel solicitor, JMW Solicitors, the lender utilised joint legal representation making the process swift, even over a bank holiday weekend.
Alan Kimber, head of bridging at Precise, said “It’s important to showcase the range of ways that bridging could be the ideal funding solution; this case is a shining example of how it can be used to help solve a family dilemma where time was of the essence.
“Ross Williams and the Precise bridging team used their expertise, market knowledge and strong working relationships to really pull this case out of the bag, all completed within seven working days, which shows great teamwork from everyone involved.”
David Hounsell, senior specialist lending manager at Positive Lending, added: “The teams at Precise and JMW Solicitors acted with the required speed to release funds for our clients to complete their renovation works as traditional borrowing wasn’t possible due to their circumstances.
“Although this wasn’t a large bridge, the timing was absolutely crucial, and that’s where the AVM process and joint legal representation alongside the expertise from Precise really made a difference with a fantastic customer outcome.”
