21Finance saves clients £30k auction deposit in just 4 days...

28 August 2024

Kent based specialist finance broker, 21Finance, has successfully placed and completed a £270,000 auction bridging loan having received the enquiry just a week before the client was going to lose their 10% auction deposit...

The previous broker had failed to disclose to their lender that the security property was BISF steel framed resulting in a last minute decline.

Immediately they were contacted by the client, 21Finance knew they would have to think outside of the box if they were to save the day. As a result, a new loan offer was secured inside 24 hours with both the auction property and the borrower’s main residence cross-charged to secure the full £270,000 balance of the purchase price.

A full valuation was obtained in just 3 days on the steel framed BISF house whilst the borrower’s main residence was valued by an AVM. In just 4 days a loan was completed at 65% LTV with a 6 month term and the deposit was saved. The planned exit is a BTL term mortgage, and an in-principle offer has already been obtained.

Thanks to the expertise and quick thinking of the 21Finance team the loan completed with 3 days to spare.

Nick Hepburn, Specialist Broker at 21Finance commented: "We were delighted to have completed this loan so quickly and to have saved the borrower’s deposit. We always look for creative solutions, however insurmountable the problem seems. In addition, we forge close relationships with all the third parties we work with and in this case, it was key to getting a full valuation done inside 3 days."

The borrower commented: "As soon as I spoke with Nick at 21Finance, I knew I was in safe hands. He kept me informed every step of the way, found solutions to the problems I faced, ensured my purchase completed and saved my deposit. I will certainly look to work with Nick, Nikhita and the rest of the team on my next purchase."