Smart Money Loans has claimed a record breaking time for completing a £20,000 buy-to-let secured loan in four days with Blemain Finance.
The loan was secured against an unencumbered property valued at £75000 with an ongoing AST on the property and from DIP to completion the deal completed within 96 business hours.
The DIP was received on Tuesday with the loan pack issued to the broker on the same day. The client received it on the Wednesday, posted it back and it was received by SML on Thursday. Allowing for the weekend, the case completed at 3pm on Monday.
Paul Crewe, director at SML, said it was the fastest loan on this kind of lending which he has been involved in.
He said: “Full marks to Blemain Finance to have turned it round so quickly, but also to the broker and his client who were ready to step up and get all the relevant paperwork. This kind of coordination is a hallmark of the service we offer our brokers and their clients.
“I can’t guarantee this kind of result every time but I can assure brokers that not only do secured loans have a real role to play in the buy-to-let market but they can be in place a lot faster than conventional first charge funding.”
Nick Jones, national sales manager at Blemain Finance, said: “Buy-to-let secured loans have always been a fast way of raising capital but I would urge brokers to look at the advantages to be gained by using a specialist like Smart Money Loans to cut down delays to completion.
“Knowing exactly what we, as a lender, need from the outset can make a crucial difference in the time it takes to complete a loan application. In this case, we were delighted to be able to respond so quickly.”