Dragonfly Property Finance has completed a £1.2m bridging loan in three days, preventing a client of Positive Lending from losing their deposit.
The client had exchanged on a £3.1m property at St George Wharf Tower in London with a £775,000 deposit. However, since exchange the client’s personal circumstances had changed, which affected their ability to obtain a residential regulated mortgage.
The client had already been served notice on the remaining funds and was facing losing the deposit. To prevent this, Positive Lending funded the survey and Dragonfly issued a bridge to take the client to re-sale of the property. The client made up the remainder of the purchase price via the sale of a residential property.
Paul McGonigle, director at Positive Lending, said: “Cases of clients buying off-plan and not being able to fund the balance is sadly not unique in today’s market. However, it’s rare for clients to be set to lose a £775,000 deposit, and with just three working days to complete the transaction we were left with a very tight deadline.
“We knew immediately that this type of deal was one for Dragonfly and, as ever, they proceeded to deliver. The client, sceptical that any broker could help as they had been let down before, was delighted to have saved their deposit funds and can now participate in potential profit as they have purchased off-plan.”
Mark Posniak, head of sales and marketing at Dragonfly Property Finance, added: “This type of loan in these kinds of timeframes are exactly what we thrive on as a team but the deal would never have been possible without the experience and expertise of Positive Lending, who have a forensic knowledge of the short-term loans market.
“Their energy and knowledge of what we need to make deals like this happen were crucial and they worked seamlessly alongside us to meet the deadline, thus saving the client over three quarters of a million pounds. It was a great example of teamwork between lender and broker.”
