Case study: Fast auction purchase against tight deadline submitted through portal
Location: Enfield
Loan amount: £243,750
LTV: 75%
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A broker approached us on behalf of their client who needed fast funding for a property they had successfully purchased at auction.
The borrower was looking to do some light decoration on the project before remortgaging and marketing it as her first rental property, but needed the funds by a tight deadline to ensure the successful completion of the deal.
Despite some hurdles to overcome with the valuation and having to restructure the deal the team were able to deliver the funds when the borrower needed them.
Andy Jacovou, who brokered the deal, said about LendInvest after: “LendInvest were outstanding from start to finish. As somebody with over a decade in the specialist sector I was really impressed with them. Every member of staff did their part to ensure we met the client’s deadline. Highly recommend.”
How the broker portal enhances the BDM role
Courtney Keegan, the underwriter who worked on the deal, explained how it was delivered to the borrower’s deadline:
“The initial fee was paid by the client on 21st April.
“We obtained a number of quotes and provided the options to the broker, exceeding expectations, I then continued to carry out my due diligence, and instructed both valuer and solicitors on the same day.
“With legals instructed from the outset, both parties’ solicitors were able to work together collaboratively to meet the borrower’s deadline.
“I remained proactive, chasing regularly for legal updates and keeping the broker in the loop. The valuation was returned on the 28th and reviewed on the same day, the offer was produced and sent to Andy and our solicitors.
“The market value noted in the report was slightly less than anticipated which affected the amount we could lend. I turned this around and switched the product to prevent any delays and ensured the best rate was provided for the client.
“Once all parties were in agreement, it was just the legals to address, of which we managed to get all points satisfied by 6th May – 4 days ahead of the borrower’s deadline. We completed on 10th May as planned and were even able to settle the broker’s invoice on the same day.”