Time and money

Enterprise completes bridging loan in five hours

Enterprise Finance has completed a bridging loan in five hours for a couple who risked losing their new home.

The client had a BTL property for sale and was planning on using the funds to purchase a house to live in. 

They wanted to borrow £145,000 to buy the £275,000 home at 40% LTV secured against the investment property.

Speed was of the essence as the property was in a desirable area where properties rarely came on the market, so the brokerage sourced an unregulated bridging loan with Together at 0.75% for 12 months, and arranged a desktop valuation. 

Together took care of all legal work using its in-house solicitors, Priority Law.

Harry Landy, managing director at Enterprise Finance, commented: “Five hours is an extremely quick time to complete a loan, but it needed to be for the couple to secure their dream home, without being gazumped by another buyer. 

“It has also given them up to a whole year to sell the BTL property, relieving a lot of stress for the client.”

Marylen Edwards, regional account manager at Together, added: “We pride ourselves on the speed at which we can transact and the great service we provide when arranging bridging finance. 

“Enterprise was fantastic in providing all the documentation we needed to make a lending decision so quickly. 

“It goes to show how working closely with our key partners can help achieve the best possible outcome for their client.”

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