Greenfield Mortgages has recently completed a regulated bridging loan in a tight timeframe.
Nick Webb, specialist lending manager at Positive Lending introduced a case to Alex Doveston, BDM at Greenfield Mortgages. The case was underwritten immediately and terms were agreed on the same day.
The borrower was able to secure the remaining funds needed to purchase their new home whilst they waited for the sale of their existing home to complete.
Greenfield funded the client’s loan with agreed terms of 12 months at a monthly interest rate of 0.65% and net LTV of 64%.
The borrower’s exit will be to redeem in full following the sale of their current home completes. Greenfield secured a charge on the purchase property without having to take a charge on the exit.
Doveston said: “After receiving an urgent call from Nick, it was apparent his client needed to complete the purchase of his new home imminently. This was mainly due to the fact the client had recently had a buyer fall through on the sale of his existing home.
“With the seller also in a chain, we had to act quickly, and efficiently, to get the chain back together to help facilitate a speedy and happy conclusion for all individuals involved. I am pleased to say we did this successfully within a short time frame.”
Webb added: “Alex Doveston and Greenfield Mortgages are a pleasure to work with, always going the extra mile to make sure the case completes and gets over the line in the quickest time possible. Have no issues sending cases across, knowing they are in safe hands.”
