CSF and Together complete bridging case in 48 hours
Crystal Specialist Finance (CSF) and Together have taken a £65,000 bridging case from receipt to completion in 48 hours.
The specialist distributor was approached by a regular supporting broker who was looking to obtain short-term lending for a client in Scotland; the client’s property move was in danger of collapse due to unexpected delays in the mortgage process of their buyer.
The case was uploaded onto the lender’s system on Thursday afternoon, and a desktop valuation was carried out as a priority.
By Friday lunchtime, all underwriting requirements had been satisfied and the binding offer was issued.
The client completed the offer requirements same day and returned the information by recorded delivery, which arrived with Together on Monday morning, at which point the funds were released to allow the purchase to take please.
The bridging exit was confirmed as the sale of the existing property.
Dan Morris (pictured), key account director at CSF, said: “A two-day completion for bridging finance is rare within our marketplace.
“To achieve this excellent customer outcome for the client was particularly satisfying as the case was regulated and the security located up in Scotland.
“I believe this case truly demonstrates the benefits of working with skilled partners who take time to understand the transaction from the outset then really add value to a broker’s service proposition.”
Sundeep Patel, head of intermediary sales at Together, added: “We are delighted with the result of this particular deal.
“The business is committed to delivering excellent levels of service to all our partners and we will always try to act with speed and remove unwanted barriers to the mortgage process.
“Our latest products demonstrate Together’s appetite to actively support the UK intermediary marketplace.”