Bridging Loan for Purchase at AuctionBack
Tuesday 28th January 2020
The client approached us to fund an auction purchase at 75% LTV as the 1st charge for 6 months. They had already approached a high street lender for the mortgage, but as she only had 28 days to complete from the auction date, she decided a bridge in the interim would be the best option for her.
This began as a fairly straightforward loan, however, it became more complicated once the valuation was completed as it showed some issues with the security.
By working closely with the borrower, auction house and valuer, we managed to organise individual visits for a structural engineers report and an asbestos report within a matter of days.
Legals then completed on the deal within 3 days and the client was in funds to complete on her purchase and go forward with her mortgage application
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