Borro completes £350k loan within a week
By Tom BelgerSpecialist lender Borro has teamed up with mortgage broker Coreco to provide funds for the purchase of a property which needed to be achieved in less than a week
Specialist lender Borro has teamed up with mortgage broker Coreco to provide funds for the purchase of a property which needed to be achieved in less than a week.
The £353,000 loan was issued to an experienced landlord who wanted to buy a five bedroom property for a buy-to-let, but had only five working days to complete.
This was because of a delay in the legal process on a separate deal he had been working on.
Houndsditch-based Coreco called Borro late Thursday evening on 15th October to explain the situation.
On the next day, a valuer attended the property and produced a valuation on Tuesday 20th, which allowed the deal to be closed at noon on Thursday 22nd.
Mark Sharpe, Partner at Coreco said: “Borro were very helpful, [with] Emma during office hours and Claire outside.”
“The deal went very smoothly, especially as this was my first deal with them.”
Last month, Borro was praised for its ‘trailblazing’ incentives following its August entry into the property market.
Keywords: borro, bridging loan, bridging finance, coreco, broker, mark sharpe, medianett, bridging and commercial, b&c, medianett, buy to let finance