"We were delighted to have completed this loan so quickly and to have saved the borrower’s deposit."
- Nick Hepburn, specialist broker at 21Finance
Kent-based specialist finance broker, 21Finance, has placed and completed a £270,000 auction bridging loan, having received the enquiry just a week before the client was going to lose their 10% auction deposit.
The previous broker had failed to disclose to their lender that the security property was BISF steel framed, resulting in a last minute decline.
21Finance secured a new loan offer inside 24 hours, with both the auction property and the borrower’s main residence cross-charged to secure the full £270,000 balance of the purchase price.
A full valuation was obtained in just three days on the steel framed BISF house whilst the borrower’s main residence was valued by an AVM. In just four days a loan was completed at 65% LTV with a six month term and the deposit was saved. The planned exit is a buy-to-let term mortgage, and an in-principle offer has already been obtained.
Nick Hepburn, specialist broker at 21Finance, commented: "We were delighted to have completed this loan so quickly and to have saved the borrower’s deposit. We always look for creative solutions, however insurmountable the problem seems. In addition, we forge close relationships with all the third parties we work with and in this case, it was key to getting a full valuation done inside three days."
The borrower commented: "As soon as I spoke with Nick at 21Finance, I knew I was in safe hands. He kept me informed every step of the way, found solutions to the problems I faced, ensured my purchase completed and saved my deposit. I will certainly look to work with Nick, Nikhita and the rest of the team on my next purchase."
