Specialist lender Precise has completed a £1.7m bridging loan to support a client facing a residential chain break, enabling them to meet a 56-day auction deadline.
The case was introduced by Jenny Gallagher, director at Canford Specialist Finance, and involved a buyer whose onward purchase was at risk due to the collapse of their chain. The bridging solution offered a 12-month term, giving the borrower time to sell their existing property and repay the loan, while only paying for the time used.
Alan Kimber, head of bridging at Precise, said: “Chain breaks are unfortunately common with house sales, and in 2024 28.8% of all property sales fell through. However, it doesn’t need to spell the end of the buying journey as bridging can often be the ideal solution, helping buyers continue with their purchase and providing the ability to sell their property at a later date.
“Jenny worked very closely with Ross and our in-house underwriters, diligently providing the information and documentation they requested which really helped to push this case through quickly.”
Gallagher added: “We first spoke about this case with Precise on a Friday, and by the following Tuesday they had helped us submit a full application. Precise delivered an offer swiftly, allowing the client to proceed within the auction’s strict timeframe and allowing the purchase to complete comfortably within the 56-day deadline. Their property sold within eight weeks, meaning just two months’ interest is payable thanks to Precise’s flexible criteria.
“It’s cases like this that show just how effective specialist finance can be when all parties are aligned and responsive. The support from all at Precise was second to none.”
