Nice and Precise – Regulated bridging loan completes in a week
By David Craik
Broker KIS Finance has lauded Precise Mortgages for being ahead of the market after completing a regulated bridging loan within just one week of receiving the application.
Alan Andrews, Commercial & Marketing Consultant at KIS, explains that the £110,000 bridge application, secured against the client’s home with a planned sale as the exit was submitted to Precise on Friday 27 January.
The group got to work on the application the same day and after a desktop valuation, the offer was produced. The client opted for joint legal representation, and by close of play Monday 30 January a completion date of Friday 3 February was set.
The loan completed on time and by the afternoon of the 3 February the funds were in the client’s account.
“Ourselves and the client were left very impressed,” says Andrews. “From our wide experience in the bridging market, we are currently not seeing any other lenders completing a regulated bridging loan this quickly.”
He says the deal was a prime example of how Precise’s offering has evolved over the last few years.
“Things have certainly moved on from the early days of Precise when they initially entered the bridging market. It was a little over 11 years ago when we first sent a bridging loan application to Precise Mortgages,” he says.
“At the time they had only been trading for a few years, providing mortgages, and had recently made the move into bridging, launching some market leading interest rates.
For that first deal our client needed fast funds and the planned exit was to re-mortgage the buy to let properties that were being used as security. However, Precise wanted more evidence than was normally required by other lenders with regards to the exit and wanted to see a buy to let mortgage offer before they would offer the bridging loan.
Unfortunately, this bridging application didn’t complete as the buy to let mortgages overtook the bridge and actually completed first!
So things have certainly changed at Precise in the past decade, with an impressive improvement in their turnaround speed, making them, in our opinion, the fastest regulated bridging lender in the market.”
He adds that Precise are also offering the most competitive bridging loan interest rates for regulated loans, something he says they have pretty much consistently done over the past 11 years.
“To date they haven’t followed other lenders and raised rates on their bridging products following the Bank of England interest rate rises over the past 14 months. Neither do they add unnecessary or opportunist fees, such as Title Indemnity Insurance,” Andrews explains.
“As brokers, we are also impressed that Precise do not cross sell to our clients. We look forward to completing many future deals with Precise who are leading the way in the regulated bridging lending market.”