Enterprise Finance has completed a bridging loan in five hours to help a couple who were at risk of losing their new home.
The client had a buy-to-let property for sale and was planning on using the funds to purchase a house to live in. However, the new home was in an area where properties rarely came on the market.
They wanted to borrow £145,000 to buy a £275,000 property meaning the LTV was 40%. As speed was essential, Enterprise sourced an unregulated bridging loan at 0.75% for 12 months and arranged a desktop valuation so nobody had to visit the property.
The lender Together took care of all legal work using its in-house solicitors, Priority Law.
Harry Landy (pictured), managing director of Enterprise Finance, said: “Five hours is an extremely quick time to complete a loan, but it needed to be for the couple to secure their dream home, without being gazumped by another buyer. It has also given them up to a whole year to sell the buy-to-let property, relieving a lot of stress for the client.
“With the 20 years of experience that Enterprise has, when we receive a case like this our wealth of expertise coupled with our connections in the market means we can secure a deal at great speed. Our client was extremely happy they got the deal they needed with a phenomenal speed of completion.”
Marylen Edwards, regional account manager at Together, added: “We pride ourselves on the speed at which we can transact – and the great service we provide – when arranging bridging finance.
“Enterprise were fantastic in providing all the documentation we needed to make a lending decision so quickly. It goes to show how working closely with our key partners can help achieve the best possible outcome for their client.”