Problem
The client had committed to purchasing a new build property in London. The previous mortgage advisor had failed to secure the mortgage required, and the property developer was going to place the property back on the market. The client was a chinese national, with deposit funds also coming from China.
Additionally, the clients preferred solicitor was a small firm with only one SRA registered managers, making them unusable by most lenders.
Solution
Having understood the complexities and clients urgency, we selected one of our preferred bridging partners that was able to meet our critical timescales. They began working on the case immediately, with surveyor and their solicitors also being instructed within hours.
We introduced the client to a solicitor that we had a strong working relationship with and they were also able to onboard the client swiftly.
Outcome
The lender was able to complete the transaction within 3 weeks, the client was able to complete the purchase of the residential property, and avoid the loss of the deposit funds. The bridging facility gave the client peace of mind, and 9 months breathing space to secure term financing.
Valuation: £750,000
LTV: 75% (Gross)
Term: 9 Months
Rate: 0.75% PCM
