Specialist lender Together, working with mortgage broker SPF Private Client, has completed a regulated bridging loan for the purchase of a residential property in just two days.
The customer approached SPF Private Client (SPF) when the sale of their property suffered an unexpected delay, leaving them short of the funds needed and only three days to complete on their new home.
SPF contacted Together on a Tuesday afternoon in need of the funds by Friday morning. To speed up the application, Together worked with the broker to put the application for the £120,000 loan at a 48% loan-to-value through its online system, My Broker Venue.
In order to meet the tight deadlines, the underwriting team started the process using an emailed copy of the necessary documents, before the originals arrived by post the next morning, and the offer was then confirmed.
Pete Ball (pictured), personal finance CEO at Together, said: “We worked closely with SPF to turn this around in just two days in order to secure the funding for the customer, enabling them to buy the home they wanted. To speed up the process, our team contacted the client’s solicitor, who was acting on an advisory basis, to talk them through the case, and this meant they could respond quickly and get the required documents to us that same day.
“We then instructed our solicitors who provided the report on title promptly the next morning and we had the funds in place for the customer the following afternoon, a day ahead of their deadline. It’s a great example of our proactive approach and highlights why brokers like SPF know they can turn to us and trust us to deliver in complex situations or against tight deadlines.”
Andre Bartlett, director at SPF Private Client, added: “The loan was completed on a very competitive rate and we were really impressed with the speed of service from Together, as no other lender could have delivered a regulated facility in such as short timeframe. It’s a great testament to our partnership as both teams worked really hard to meet the deadline and deliver the best outcome for the customer.”