Specialist lender Precise, part of OSB Group, has completed a residential bridging loan in only three days from application to formal offer, after supporting a broker whose client required rapid short-term finance while finalising the sale of their existing home.
The bridge was secured against the client’s current residential property, with repayment planned from the sale proceeds.
The case made use of upgraded Automated Valuation Model (AVM) policies introduced earlier this year by Precise to help brokers process bridging applications faster and free up time for client work.
Dual legal representation was also used to streamline completion, contributing to the three-day turnaround.
Alan Kimber, head of bridging at Precise, said: “Ross Williams and our dedicated bridging team worked closely with Sam O’Neill at KIS Bridging Loans to bring this bridge to completion.
“The customer needed a speedy solution as the developer required a quick completion. Utilising process changes made earlier this year helped us to provide the solution in a tight timeframe whilst also ensuring the customer had adequate time in order to exit.”
Sam O’Neill, senior bridging consultant at KIS Bridging Loans, added: “When a client tells you they need money in five working days and it’s a hard deadline, some people would jump for a lender who is heavier on price but offer speed in return.
“However, as a broker, you have a duty of care to your client and an obligation to get the very best option which considers both price and speed.
“Precise offered an AVM on this deal with joint legal representation and with the client fully engaged, the deal was funded with time to spare.”
