Somo completes bridging refinance in 10 days
Somo offered a second charge loan at 70% LTV against the open market value, agreed at 0.95% per month through its Classic Bridging product.
Somo completed a bridging loan refinance within 10 working days, helping a borrower avoid default fees and extra interest.
The existing bridging loan was due to go over term and the borrower needed the deal completed before the deadline.
Somo offered a second charge loan at 70% loan-to-value (LTV) against the open market value.
The loan was agreed at 0.95% per month through its Classic Bridging product.
The lender instructed the solicitor and valuer when the case reached underwriting.
The valuation inspection and report were completed within four working days.
Formal consent from the existing first charge mortgage provider remained outstanding.
Somo contacted the provider and confirmed consent would be issued after its process was completed.
The lender proceeded using an equitable charge, with the borrower’s solicitor agreeing to upgrade the charge once consent was received.
Somo kept the original monthly rate of 0.95% despite completing on an equitable charge basis.
The refinance gave the borrower a 12-month term to market the property rather than sell it before the deadline.
Joe Cash (pictured), senior underwriter at Somo, said: “Ten working days is a tight turnaround for any refinance, but speed is about more than just moving quickly, decisions need to be made fast too.
“We got the valuation and legals underway immediately, as always stayed close to the case throughout and when first charge consent threatened to slow things down, we found a sensible way forward.”
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