Quick action prevents collapse of property purchase

By Bridging Loan Directory 16th October 2018

When a high street bank mortgage application could not complete in time to secure a property bought at auction Holme Finance Bridging Solutions (HFBS) stepped in without delay to fund the £80k deal.

HFBS were approached by a broker to step in and save the property purchase from collapsing and crucially avoid the penalty of losing a hefty deposit – but it had to be turned around within four days.

Dan Yendall-Collings, senior underwriter at Holme Finance Bridging Solutions says:

“The client had already agreed one extension for the auction purchase and had been told that a further extension would not be possible. They had to complete on a set day or they would lose the deposit paid.

“We could see that whilst the initial mortgage application had progressed there was absolutely no way that they could complete as quickly as required. Luckily they had just received the valuation, which we were able to see and rely on. Based on this we were able to agree the deal against the purchase price of £155,000.”

HFBS received the deal request on a Friday, signed the client up on Monday and were ready to complete on Tuesday, one day ahead of the prescribed schedule. The purchase mortgage application was then adjusted to a remortgage application to clear the HFBS loan account.

With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, HFBS really mean business.