Deal of the Month August 2020: Application Approved in Just 5 Hours!

Sometimes a finance deal appears simple at first, but actually turns out to be quite complicated and requires the skills of an experienced financial broker. That was certainly the case with our latest Deal of the Month.

Hand holding a small hour glass

About the Deal

Our client came to us seeking a bridging loan worth more than £300,000 to cover the funding gap between selling their current property and purchasing a new build house.

It appeared to be a straightforward deal until the vendor decided to insist on completion within eight working days.

When this information was presented to us, a full application had not been submitted, but there was a deal in principle. So, we needed to act fast to help our client secure their new dream property and not miss out.

With the current climate, lenders were apprehensive to move so quickly. However, we managed to get everyone on board. In fact, a physical valuation was waived, and our client received the offer within just 5 hours!

Solicitors were instructed that day and, with some amazing work between lender, solicitor and client, everything was completed on time, even with 30 minutes to spare.

Our client has now successfully completed on their new build home and is focused on selling their existing residence.

 

Are You in Need of Fast Finance?

If you’ve found yourself in a similar situation and require funding with a tight turnaround, get in touch with our experienced and well-connected team of financial brokers.

Article By Ben Lloyd

August 30th, 2020

Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.

Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.

Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.

Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.

See more articles by Ben