BuildLoan and Precise deliver £1.2m bridging loan in 11 days
Precise used title insurance and a joint representation legal structure to streamline the legal process and speed up completion.
BuildLoan and Precise completed a £1.2m bridging loan in 11 working days to help a client refinance a development project and avoid penalty fees.
The bridge repaid an existing development loan due to expire soon.
Further funding was needed to finish the last stages of the build, with a planned exit via sale once works were finished.
The broker first looked at a traditional remortgage, but after being turned down, sent the case to BuildLoan with just over two weeks left before the loan expiry.
BuildLoan proposed a bridging deal with Precise, covering repayment of the £1.2m development loan and providing an extra £100,000 for completed building works.
The partnership between BuildLoan, Precise and JMW Solicitors meant the deal moved from application to offer in seven working days, with completion four days later.
Precise used title insurance and a joint representation legal structure to streamline the legal process and speed up completion.
Alan Kimber (pictured), head of bridging at Precise, said: “Where timelines are tight, it is essential to work with a lender that has individual underwriting and really understands the speed necessary for a bridging case of this kind.
“Our close partnership with BuildLoan, together with its specialist finance expertise meant that we could put together a deal quickly and efficiently despite the client’s tight timescales.”
Patrick Robertson, short-term finance specialist at BuildLoan, said: “Through our expertise of dealing with building projects and complex bridging loans, together with our relationship with Precise and JMW Solicitors, we were able to provide a solution and complete the deal in a record eleven days.
“Within 24 hours, we were able to confirm, in writing, the timescale we could work to.
“This gave the client and adviser the confidence to proceed knowing that we could get the deal over the line before their other loan expired.”
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