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Case example:
Our Broker required assistance with a bridging loan for a client who was recently widowed and looking to move into a smaller property.
The property being sold was a bungalow and the property being purchased was in a large block of flats.
We identified, via an online property site, that the internal décor of the flat was dated and improvements were required which the family had funds for.
Using both properties as security, we were able to offer a rate of 0.48% pm whilst the refurbishment took place.
As both properties passed the lenders AVM module the applicant saved on the cost of two valuation fees and also took up the offer of dual rep solicitors.
Application allocated to underwriter on 2nd January and full offer received on 13th January with a facility to advance 10% of the funds to enable exchange of contracts to take place with the balance being released at completion.
Utilising AVMs combined with solicitors on a joint rep basis can help to speed up the processing time.
Bridging can be used for a wide variety of scenarios and impact has access to a number of market leading rates from lenders. We have a specialist team who are able to assist you with all types of enquiries and help make your clients journey as smooth as possible.
Refer
If you would like to pass the customer over to Impact Specialist Finance to handle, for example the case is too complex (Bridging/Over 55’s/Portfolios), you are going on holiday and they require an immediate solution or you don’t have the relevant permissions, we are able to accept referrals for regulated and non-regulated cases. You will still get paid and the customer will always remain yours!
Call the impact team on 01403 272625 to discuss an enquiry.
