November 20, 2019
Case study: £700,000 Bridging Loan in 6 days
Danny Robinson – Grey Matters Specialist Lending Client: Experienced landlord Request: £700,000 loan for 9 months. The borrower had exchanged contracts prior to arranging finance and had limited time to complete the purchase. They risked losing their deposit if they did not complete in time. Timeline: Day 1: Application received. Day 2: Valuers and legals instructed. Day 3: Valuer inspected security. Day 4: Valuation report received. Day 5: Final Offer issued. Day 6: Funds delivered to vendors solicitors, purchase completed. Outcome: 9-month Bridging facility at 0.49% pcm. ——————————————————————————- Danny and LendInvest have worked together for the past 3 years on multiple cases across our lending products. Therefore he was already familiar with our product range when it came to getting a £700,000 bridging loan for an experienced landlord he was working with. Attracted initially by the 0.49% rate and the need for a quick Decision in Principle, Danny was taken aback by the “very quick” process. From start to finish, Danny’s client had their project funded in 6 days. Michael Minnie, the LendInvest BDM who worked with Danny on the deal, highlighted this was “an outstanding turnaround given recent findings that the average time for a bridging loan to complete is 51 days”. Speed and quality of response Speed was a theme throughout the entire process, and in particular for Danny what stood out was the “speed of response by everyone, from the Business Development Manager, the case handler, underwriter and solicitors”. The fast turnaround of the funding did not deter from the service he received either. Danny explains: “We as brokers can speak directly to anyone at LendInvest involved with a case should we need to, including the underwriters. “Ideally most things are dealt with swiftly by knowledgeable case handlers but sometimes a more senior view is required and your underwriters are more than happy to help.” In particular he praised the process to getting a Decision in Principle and the approachable nature of the LendInvest team: “They are happy to explain the decision-making process if it is not always understood by ourselves.” Learn more about our rates and criteria on our Bridging Loan page, or contact one of our BDMs to get started.
Posted by Luke Stevenson