Funding 365 has completed a £930,000 residential bridging loan within 48 hours, enabling a landlord to refinance before a 5% default fee became payable to the existing lender.
The 65% LTV facility, introduced by Aureum Finance, is secured against a bungalow in outer London that has been converted for use as social housing.
The property has a tenant in place and the borrower plans to use the bridging term to arrange an exit onto a specialist buy-to-let mortgage.
TIGHT REFINANCE DEADLINE
The case required completion within two days from the initial enquiry, with Funding 365 working alongside the broker, valuer and legal team to meet the deadline.
Joe Guilfoyle, head of specialist finance at Aureum Finance, says: “My client needed to refinance within 48 hours and there was no room for delay. Funding 365 understood the deadline from the outset, made clear decisions early and kept everyone moving.
“Plenty of lenders talk about speed, but very few deliver it when it genuinely matters. This was one of those times.”
Katie Spitz (pictured), deputy head of underwriting at Funding 365, says: “This case really highlights what can be achieved through close collaboration between broker, lender, valuer and lawyer.
“At Funding 365, one underwriter manages each stage of a loan from enquiry to redemption, which puts us in a particularly strong position to deliver to tight deadlines.
“Credit to Joe, and to John Smith, John Coady and Jess Hindle at Fieldfisher who turned this around in just 24 hours from receiving the legal undertaking.”
