August 30th, 2020. Luke Egan
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.
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 Luke Egan
August 30th, 2020
Luke heads up our specialist property finance team where his focus is to drive our transactions valued between £100k and £5m.
Luke and his team manage enquiries from initial enquiry through to redemption. Luke also sits on the internal credit committee with Ben and Tom.
Luke joined Pure back in 2014 following a successful role in the Barclays property finance team that lasted over 8 years.See more articles by Luke