GoGoProp secures Manchester purchase for Thai singer investor with bridging loan

GoGoProp has completed a £257,000 bridging facility for an overseas investor after other lenders declined the case shortly before completion.

The borrower, a professional singer based in Thailand, had committed a deposit to an off-plan property in Manchester and had watched the development progress toward completion.

However, when her record label contract ended, she was left without salaried income to evidence.

With no payslips, overseas residency and a fixed completion deadline, GoGoProp said several lenders declined the case.

GoGoProp assessed the application on the strength of the borrower’s assets rather than income alone, reviewing her existing UK portfolio, rental performance and asset values.

The proposed exit was a refinance onto a conventional BTL mortgage once the property had an established income track record.

Approval in principle was issued within 24 hours, and the loan completed within 10 days, in time to meet the completion deadline.

Christopher Lindvall, founder of GoGoProp (pictured above), said: “Deals like this rarely fail because the borrower can’t afford the property.

“They fail because fixed completion dates collide with traditional lending processes that don’t move fast enough, particularly for foreign nationals.

“If someone has spent years building a portfolio, the assets can tell you more than a payslip does. Our job is to assess that quickly enough for it to matter.

“We’re also investing heavily in our platform and are close to releasing an update that will deliver an AIP within a couple of hours, not days.”