Precise uses title insurance to fast-track £1.2m bridging loan

Precise has completed a £1.2m bridging loan in 11 working days, supporting the time-sensitive refinance of a development project and helping the client avoid default penalties.

The unregulated refinance, introduced by Patrick Robertson, short-term finance specialist at BuildLoan, was required to repay an existing lender whose terms were close to expiring.

In addition to refinancing the debt, Precise provided further funding to complete the final stages of the development, with a planned exit via sale once works conclude.

The deal moved from application to offer within seven working days and completed four working days later, supported by a full valuation.

A key factor in delivering the transaction at pace was the use of title insurance alongside a joint representation legal structure, which helped streamline the legal process and accelerate completion.

The case was managed by dedicated bridging underwriter Leigh Randle, with legals handled by JMW.

Alan Kimber, head of bridging at Precise (pictured above), said: “Where timelines are tight, the right legal structure is critical.

“Title insurance and joint representation allowed us to move quickly while still progressing a transaction of this size with the necessary oversight.”

Patrick added: “This was a time-sensitive refinance with a clear deadline.

“The speed of delivery, along with the additional funding for final works, has put the client in a position to complete the project and move towards a sale.”