TFC Homeloans and Lancashire Mortgage Corporation (TMC) teamed up in April to ensure a client did not lose an auction property, by arranging bridging finance in three days.
The case was received by TFC on a Tuesday and fully completed by the Thursday.
The £375,000 loan had been required by the client to purchase a £630,000 auction property in London, but the original lender had pulled out at the last minute. This meant the client was at risk of losing the property unless he could secure funding that same week, so TFC and Lancashire stepped into the breach.
Nigel Payne, TFC Homeloans’ managing director, said: “It is common for bridging finance to be required quickly, but to get a case from application to completion in three days requires co-ordinated effort on all sides. The broker who referred the case to us saved the day for his client, as we were able to swiftly place the deal and help push it to completion.
“We knew immediately that Lancashire Mortgage Corporation was the most appropriate lender for this particular case and our close relationship meant that we worked together quickly to secure the funds and bring the client’s purchase back from the brink.”
Michael Allison, commercial lending manager of Lancashire Mortgage Corporation, added: “We understand that time is of the essence when a property is purchasing at auction. That’s why our underwriting team were committed to assessing this case and ensuring there was a positive outcome for the client as quickly as possible.
“In this instance our broker portal, My Broker Venue, helped TFC to submit the loan directly into our system to save administration time, leaving us to work together on building the case, and deal with all paperwork and solicitor communications efficiently. Due to our common sense approach we were able to arrange funding in three days which meant the client didn’t lose the property and the broker didn’t lose the case.”
