Case Study: Urgent Bridging Finance
Updated: Dec 8, 2021
The client opened our initial conversation with “We are in a mess! Our investor has pulled out last minute, we exchanged weeks ago and if we do not complete in 4 days, we will lose £35,000”
The situation presented required speed, efficiency and above all, a keen eye for detail when it comes to matching client obstacles with lender unique selling points.
The client was purchasing a property under value at £200,000 but it had an Open Market Value (OMV) of £245,000.
The intention was to spend £30,000 in a light-refurbishment and then sell the security to realise the Gross Developed Value (GDV) of £320,000.
The lender selected, offered a no-valuation/desktop, internal & fast legal processing, with a promise to lend and complete within the time frame.
OUTCOME: It cost the client £3,300 in fees & interest to set up and once the security is sold, in 3 months’ time, he expects to have a profit of at least £120,000.