Precise has completed a £1.2 million bridging loan in 11 working days, enabling a developer to refinance an existing facility before its terms expired.
The non-regulated loan was introduced by Patrick Robertson, short-term finance specialist at BuildLoan, and allowed the borrower to avoid default penalties.
Precise also supplied additional funding for the final stages of the development. The borrower plans to repay the loan through a sale after the work is completed.
The lender moved the case from application to offer within seven working days, following a full valuation, and completed the transaction four working days later.
Title insurance and a joint representation arrangement were used to streamline the legal process. The case was managed by Leigh Randle, bridging underwriter at Precise, with JMW handling the legal work.
Alan Kimber (pictured), head of bridging at Precise, says: “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.”
Robertson says: “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.”
