Case Study –Bridging Loan | Quick Completion

Value	£3,515,000
Loan Amount	£2,500,000
Location	Leeds
LTV	75%
Achieved Rate	0.70% per month
Completed	October 2022
Adviser	Courtney Flockhart

The Client

Our client required support sourcing a solution to aid a quick completion due to pressure from his vendor. Although our client had an application in progress for a standard residential purchase, the vendor was not willing to wait for underwriting and valuation.

Our client was an entrepreneur with a very successful business that had increased in profit year on year by over 13 times. However, with a track record of only 2 years, it was proving difficult sourcing a lender that was able to proceed within the deadline provided by the vendor.

The Solution

We were able to source a bridging solution that was able to offer and complete before the underwriting and valuation were complete on the exiting mortgage. We were able to get the bank to use the client’s pre-existing valuation on the property and indemnify many of the typical legal delays which all helped to ensure the client was able to complete in 4 weeks from start to finish and before the deadline provided by the vendor.

The Henry Dannell Difference

Although we were presented with an issue that made it difficult to proceed with the planned route (the high street standard residential mortgage), we found a solution that would still allow the client to complete on their dream property and exit their bridging loan onto a standard mortgage once the high street lender had concluded their underwriting.