An AVM was used to help expediate the process.
The bridging loan was utilised to help a couple in their 70’s, secure the purchase of a new residential property after the sale of their existing property stalled.
The purchase price of the new property was £525,000, with the existing property valued at £850,000.
The loan has a 12-month term with full interest rolled up — no payments due and interest will be paid on redemption — for £450,000, with the balance made up from cash savings.
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Dale Jannels, managing director at Impact Specialist Finance (pictured above), commented: “This may not be a huge case in terms of value, but it really does help demonstrate just how quickly funds can be raised in the current climate through tech support and when utilising the ability of lenders such as UTB who have a common-sense approach to underwriting and the ability to tailor its lending to meet borrowers’ [unique] needs.
He said that chain-reliant transactions have been faltering more often in the current climate.
Mike Walters, sales director of property intermediaries at United Trust Bank, added: “We’ve built a strong relationship with Impact Specialist Finance and the smooth and successful completion of this case is testament to the hard work put in by both sides.
“We enjoy working with experienced, professional advisers who understand the versatility of short-term finance and are committed to finding the best solutions for their clients.”