BuildLoan and Precise deliver £1.2m bridging deal in 11 days

BuildLoan and Precise have completed a £1.2m bridging loan in 11 working days, helping the borrower to refinance a development project and avoid penalty fees.

The bridge was required to repay an existing development loan that was shortly due to expire.

In addition to refinancing the debt, further funding was also required to complete the final stages of the development, with a planned exit via sale once the works are completed.

Initially, the broker looked into whether a traditional remortgage could be secured for the client, but when the client was turned down, the broker submitted the application to BuildLoan, with just over two weeks to complete before the initial loan expiry.

BuildLoan proposed a bridging deal in association with Precise, one of its partner lenders.

The facility allowed the client to repay the £1.2m existing development loan and provide an extra £100,000 for building works already completed.

Precise used title insurance alongside a joint representation legal structure to streamline the legal process.

The deal was moved from application to offer within seven working days and completed four working days later.

Patrick Robertson, short-term finance specialist at BuildLoan, commented: “Through our expertise of dealing with building projects and complex bridging loans, together with our relationship with Precise and JMW Solicitors, we were able to provide a solution and complete the deal in a record 11 days.

“Within 24 hours, we were able confirm, in writing, the timescale we could work to.

“This gave the client and adviser the confidence to proceed knowing that we could get the deal over the line before their other loan expired.”

Alan Kimber, head of bridging at Precise (pictured above), said: “Where timelines are tight, it is essential to work with a lender that has individual underwriting and really understands the speed necessary for a bridging case of this kind.

“Our close partnership with BuildLoan, together with its specialist finance expertise, meant that we could put together a deal quickly and efficiently despite the client’s tight timescales.”