Last-gasp auction rescue by SPF Short Term Finance and Together saves deal from collapse
SPF Short Term Finance came to the rescue of an auction purchaser who was let down at the last minute by another broker. In conjunction with Together, SPF was able to assist the borrower with the bridging finance she needed at extremely short notice.
The application for borrowing at 75 per cent loan-to-value was submitted last Tuesday, with the physical valuation carried out on Thursday.
All legals were executed on Friday and by Monday, the valuation was received, the offer was issued and the funds released.
It was a tight deadline as the property was due to go back into the next Savills auction the following day [Tuesday 3rd November] if funding could not be agreed.
Amadeus Wilson, director of SPF Short Term Finance, says:
‘We really needed to pull out all the stops on this one as the buyer was desperate. She had been let down badly by another broker and was about to lose out on the property.
These are difficult market conditions but Together was able to do an excellent job at a time when many lenders have service issues.
We were delighted to be able to tell the client that the bridging finance had been approved and the property was hers.’
Paul Mooney, director of Savills’ auction department, says:
‘This deal was done in super-quick time, even by auction standards.
The vendor was demanding, particularly as it got close to the deadline, so it was a huge relief for all concerned that Amadeus and his team could get the required funding in place.’
Sundeep Patel, head of intermediary sales at Together, said:
‘This was a great result and we’re delighted to have helped the customer with her aspirations to buy her chosen property.
The case was expertly packaged for us by SPF and their client was able to sign the loan agreement electronically, using our efile technology, removing the need for a physical signature.
This kind of case just shows how important it is for us to work with quality partners who really understand how a bridging lender with knowledge and expertise can get the best outcome for their client.’