Oblix Capital, the specialist bridging and development funder, has completed a £630k residential bridging loan in just eight days from application.
Arranged on a 6-month loan term at 70% LTV, the facility was used to purchase a detached residential site with the intention of converting it into a ten-bedroom HMO.
With the property located near transport links into the City of London, demand for the site was extremely high. Having spotted an opportunity to increase the value through development, the borrower needed to move very quickly in order to secure the purchase.
The 8-day turnaround left the borrower absolutely delighted with the facility, service and expertise shown by Oblix ensuring they didn’t miss out on the initial acquisition.
Sales director at Oblix Capital, Andy Reid, pictured, commented:
“Supporting our borrower’s growth ambitions through our expertise, high-quality customer service and a flexible product portfolio is at the very heart of what we do here at Oblix. The swift turnaround time is testament to the great working relationship we have with the borrower, the broker and third-parties we deal with. All sides involved in this transaction ensured the case progressed seamlessly to funding.
It’s a perfect example where short-term, specialist finance can really come into its own. The certainty we have when it comes to offering agile, bespoke and expert finance is what truly sets us apart. We fully understood the time pressures the borrower was under and taking a dynamic approach around the challenges ensured no opportunities to move with pace were missed. We look forward to seeing the completed project!”