Bridging Finance Solutions provides £2.2m bridging loan

Bridging Finance Solutions (BFS) has completed a £2.219m bridging loan to enable a client to purchase a property in Kent.

The client required the bridging facility to purchase the new home and give her time to sell her current property.

The vendor was only willing to sell the house in Kent if the client could prove she was a cash buyer or could complete within an eight-week period.

Initially, the borrower cancelled the bridging facility, as she had secured a buyer for her house.

However, the transaction was delayed, which put her at risk of losing the Kent property, as the vendor wanted to relist the home on the open market for £150,000 more (£1.8m) if the deadline was not met.

The borrower contacted her broker again, Niche Financial Solutions, who worked together with BFS to complete the deal within six days, allowing her to complete the purchase before the deadline.

The bridging facility was arranged at 70% of open market value at a rate of 1% per month on a 12-month term.

Steve Allen, senior BDM at BFS (pictured above), said: “This deal was undoubtedly challenging, but we achieved all the client objectives within the incredibly tight timeframe. 

“We have demonstrated agility, professionalism and determination to ensure we got this deal across the line and the client was able to secure this wonderful home.”

Luke Baldwin, director at Niche Financial Solutions, commented: “We approached a number of lenders, but they were unwilling to structure a deal with the exception of BFS, who rose to the challenge and created a bespoke product for the client. 

“This included allowing the client to service approximately 60% of the interest each month to ensure she had the maximum funds available to secure her dream property in record time.

“It was a pleasure to work with Steve and the team at BFS; they demonstrated expertise and professionalism right from the outset, and it is always refreshing to work with a team who adopt a creative mindset to come up with solutions that ultimately achieves what the client requires. 

“Together, we put in a herculean effort to ensure that the client could complete on the purchase within six days, and secure her dream property, and it just goes to show what can be achieved with all parties working together.”

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