BFS provides £2.2m bridge for Kent purchase
Bridging Finance Solutions (BFS) has provided a £2.2m bridging loan to a customer, enabling them to purchase a property in Kent.
The vendor was only willing to sell the property if the customer could prove they were a cash buyer or could complete within an eight-week period.
However, the client’s property had only recently gone on the market, and therefore a bridge facility was required, giving the customer a 12 month period to sell their current property.
The repayment of the bridge will be paid through the sale of the current property, together with a mortgage for the residual amount.
Luke Baldwin, mortgage broker at Niche Financial Solutions, said: “At one stage our client had cancelled the bridging facility, as she secured a buyer for her property and it looked like completion could happen quickly in line with the Vendor’s requirements for the new property.
“Unfortunately, the buyer’s funds were then subsequently delayed.
“The vendor set a deadline to complete or stated that he would relist the property on the open market for £150,000 more (£1.8m).
“She therefore made contact with us again, and required completion within six days.
“Whilst most regulated bridging facilities take on average four – six weeks, we knew this would be a challenge.
“We approached a number of lenders, but they were unwilling to structure a deal, with the exception of BFS who rose to the challenge and created a bespoke product for the client.
“This included allowing the client to service c.60% of the interest each month to ensure she had the maximum funds available to secure her dream property in record time.
“It must be an industry record for a regulated bridging facility with completion of legal in six days.”
Baldwin added: “It was a pleasure to work with Steve and the team at BFS. They demonstrated expertise and professionalism right from the outset, and it is always refreshing to work with a team who adopt a creative mindset to come up with solutions that ultimately achieves what the client requires.
“Together we put in a herculean effort to ensure that the client could complete on the purchase within six days, and secure her dream property, and it just goes to show what can be achieved with all parties working together.”
Steve Allen of BFS added: “This deal was undoubtedly challenging but we achieved all the client objectives within the incredibly tight timeframe.
“We have demonstrated agility, professionalism and determination to ensure we got this deal across the line and the client was able to secure this wonderful home.”