Funding 365 bridging loan saves auction purchase

By Bridging Loan Directory 14th February 2022

Funding 365 has stepped in at the last minute to deliver a 12 month, £330,000 residential bridging loan to complete the auction purchase of a dilapidated, semi-detached house in London.

John Charcol approached Funding 365 on behalf of the client, who had been let down by another lender after contractual completion and with only days left on their notice period.

With time in critically short supply, a new source of finance had to be secured to avoid losing the client’s deposit.

Funding 365 moved quickly to instruct the surveyor, with an inspection of the property undertaken one day after receiving valuation fees.

Despite the nature of the works required to make the property habitable, which included the installation of a new kitchen and bathroom as well as new flooring and windows, Funding 365 delivered a 70% LTV solution just five days after the enquiry was received.

The speedy completion benefitted from close communication between the broker, borrower and underwriter on the case.

The result was a highly tailored and competitive loan that enabled the client to use £50,000 of their own funds to complete the refurbishment to a high standard in preparation for refinance onto a buy to let mortgage.

Katie Spitz, Underwriter, Funding 365 comments:

“A case like this really benefits from our way of working. When there’s no time to spare you can’t afford to have a breakdown in communication.

With just one team member at Funding 365 assigned to a case from start to finish, we eliminate this problem. It gives us as underwriters total ownership, allowing Funding 365 to do what it does best – deliver perfectly tailored funding solutions with no delays.”

Andrew Nicholson, Partner, John Charcol adds:

“We approached Funding 365 in hope rather than expectation after being let down by several lenders.

We pointed out the time difficulties and between Katie and Paul they agreed to look at the case.

We provided all they needed and we received updates every few hours. The service we received was second to none and without the perseverance of them both our client would have lost her 10% deposit.

I can’t speak highly enough of the service we received and would highly recommend people to use the company.”