Greenfield Mortgages completes pre-Christmas regulated bridging loan in eight days

By Bridging Loan Directory 10th January 2020

Following a successful 2019, the bridging lender Greenfield Mortgages was able to end the year on a high. In the busy lead up to Christmas, Greenfield was approached by Mark Steinle at Knight Frank Finance with an urgent bridging requirement.

Knight Frank was marketing the client’s current home. The client’s current home had been sold STC. Mark’s client had exchanged to purchase a four bedroom detached house on a private estate. However, at the 11th hour the sale of the client’s current home fell through; leaving the client in a difficult position where their property chain was at risk of collapsing and deposit being lost.

Mark put a call into Andrew Franklin at Greenfield Mortgages and gave a quick synopsis of his client’s situation over the phone. Within half an hour, terms were agreed for a regulated bridging loan covering the full purchase price of the client’s new home (with her current home as additional security.) Further Greenfield received a commitment from J Raymond Welch Surveyors Ltd that the tight timescales could be met to complete the valuation. Within 24 hours the application was fully approved and legals were instructed immediately.

Arwel Griffith from J Raymond Welch Surveyors Ltd said:

“We were delighted to be of assistance in this case which was very testing.

J Raymond Welch Surveyors Ltd is always up for a challenge and we will always do our very best to deliver high quality valuation advice on time whatever the timescales required.”

Greenfield Mortgages’ worked with their team at ESN Solicitors and the client’s solicitors at Mundays LLP to complete work within 8 working days which was in time for the completion date on Monday the 20th of December.

Andrew Franklin, BDM at Greenfield Mortgages said:

“I was thrilled to assist with such an urgent case and deliver the funding required within the short timescale…

Mark introduced the case over the phone initially with an extremely detailed overview and had a full understanding of the scenario, properties and client. Mark kept in close contact with myself throughout the whole process taking an active role which ensured the case progressed to completion in a timely manner. This type of scenario is truly what bridging is for.”

Mark Steinle, Mortgage and Protection Consultant, Knight Frank said:

“Andy installed every confidence in me from the beginning that Greenfield Mortgages could meet my client’s tight deadline.

“Despite a couple of small legal obstacles, Andy and his team pulled off a Christmas miracle and made a client very happy. Given the complexity of this case, the time of year and short timeframe, Andy and his team have impressed no end.”

What could have been a challenging process for the client was met with diligent and fast action from both Knight Frank and Greenfield.