Bridging loan completed in 4 days!

The decision to obtain bridging finance is driven by the need for speed and flexibility. Here at West One, our team of experts are experienced in working swiftly to get funds released to our clients.

This case study highlights our expertise in getting deals done in record time!

 

  • Loan value
    £128,000
  • LTV
    22%
  • Property value
    £600,000
  • Loan term
    12 months

 

The client

Our client was looking to purchase a new residential property.

The client had previously agreed on a bridge with another lender, however, an easement restriction on the title resulted in the original lender pulling out of the deal at the eleventh hour.

The client required a lender that was both comfortable with the easement on the title, and able to move with speed.

The developer of the property being purchased had used West One to fund the construction phase and recommended the client get in touch with us.

We received the enquiry from Brightstar on a Friday afternoon.

The case was reviewed and terms were issued the same day. The application was received on a Monday morning and then completed on the following Friday, just 4 days later!

As the client was at risk of losing their deposit and the property, speed was of the essence. A bridge would allow the client to purchase the property and give them time to arrange a mortgage as an exit.

By working with West One, our clients gain direct access to our team full of bridging experts. We are known for our speed of service, working efficiently to offer our clients the funds they need as quickly as possible.

Our team have a reputation for being able to deliver consistently and work quickly to navigate any potential obstacles. In this case, we sent a member of our internal valuations team to assess the security as using an external valuer would have resulted in a delay to the competition.

Result

Due to the fast pace with which our bridging team work, and a superbly packaged case by Brightstar, the client received the funds for the purchase of the new residential property just 4 days after their application was sent. This quick turnaround meant the client did not lose their deposit and dream home.