Loan amount: £712,500
Purpose: Auction purchase of property with plans for light refurbishment
A broker applied through the portal for funding for this auction purchase in Wanstead, West London.
The borrower needed extra funds to complete the purchase and fund a 6-week refurbishment, roughly costing £45,000.
Victoria Barnard, the internal BDM who delivered the deal, explains how it was done.
“The broker called me directly to ask me the chances of us delivering by a certain date. I was honest and said we had as good a chance as anyone, if all the 3rd party partners play their part efficiently, which they did.
“The speed with which they could get all of the information to us via the portal in addition to the relationships we have with our professionals was hugely important.
“After we got them onboard, the open communication between myself, the broker and the underwriter assigned to the deal was essential.
“The portal is very easy to use for submitting details but I am on-hand for any support and instant decision which is why having the open dialogue from the outset is crucial.”