Broker makes Norwegian retirement dream a reality

By Bridging Loan Directory 19th April 2023

Broker Loan.co.uk has helped a couple’s dreams of emigrating to Norway become a reality.

The firm was contacted with an urgent request – the clients, both in their 60s, needed to raise £300,000 to purchase their dream home and had only two weeks to do it or lose out on the property.

They had been trying unsuccessfully to buy a home in the country where they hoped to spend their retirement but had been unsuccessful due to the short turnaround time allowed between offer being accepted and the financial transfer needing to complete.

In response to the request, Loan.co.uk was able to provide and complete a solution in just 11 days, using a bridging loan on the couple’s existing property in Bath, enabling the purchase to complete in time.

Kam Panchal, head of bridging and development finance at Loan.co.uk, said:

“The clients and I had been in conversation for several weeks as they wanted to raise the money to purchase a property in Norway to reside in, but it had been proving difficult.

The reason I recommended a bridging loan was that they needed to be cash buyers and had to completed in two weeks if an offer was accepted.

They had viewed a number of properties in the build-up, but were unsuccessful due to offers not being accepted or property not being suitable, so were really keen this one did not get away.”

Panchal explained the loan, at 0.55 per cent with retained interest, 53 per cent LTV and 12-month term through Precise, would be redeemed when the couple sold their UK property in due course.

The clients’ goal was to begin a new chapter of their lives Norway and they had found their dream home in Roa, in the centre of the country.

He added: “The clients then came to me with the good news their offer was accepted and that they needed to proceed with finance as quickly as possible.

This was placed with Precise, due to their rate offering at 0.55 per cent, dual representation on legals and options of AVM with no upfront cost to the client.

“Documents were issued electronically on the same day and returned in 24 hours. We processed the documents and submitted this to the lender within four hours.

The lender came back to us with a few underwriting requirements, which took 48 hours to satisfy and were then able to provide the client with a formal offer after just five working days.

JMW were the solicitors acting for both client and lender as dual representation, which was cost and time effective.

They were able to report to the client with the mortgage deeds again in 48 hours and we completed the case on the 11^th day.

Funds cleared into the clients’ account on the same day, and the purchase was completed satisfactorily.”

The couple is now packing up ready for the move.

They said: “We were delighted with the quick response from Loan.co.uk, the lawyer and Precise when we needed the funds to buy the house in Norway.

Kam was a joy to deal with and without his efforts the whole process would have been far more stressful.”