Precise has completed a bridging loan for a professional landlord three days after receiving the application, enabling the borrower to meet an auction deadline on a south west London property.
The OSB Group lender provided a 75% LTV bridging loan on a serviced repayment basis for the £550,000 purchase of a three-bedroom terraced property.
Davey Gurm, specialist finance account manager – bridging at Precise, worked with Yehuda Waldman, director at MoneyScore, to structure the facility and enable the landlord to meet the auction house’s 28-day completion deadline.
The borrower plans to spend about £32,000 on light refurbishment before refinancing the property onto a buy-to-let mortgage and adding it to an existing portfolio.
An automated valuation model (AVM) was used during the application process and produced an estimated property value of £640,000.
Precise says the use of an AVM and dual representation legals helped to streamline the transaction and meet the fixed completion deadline.
Alan Kimber, head of bridging at Precise, says: “Auction purchases often come with tight deadlines, so it’s important that brokers and borrowers can access funding quickly when opportunities arise.
“We were able to structure a solution that met the customer’s requirements and helped the borrower secure the property ahead of their planned refinance onto buy-to-let finance.”
Waldman says: “Our client was working to a fixed auction deadline and needed certainty that they could complete on time.
“Davey and the team at Precise moved quickly from application through to completion, giving the borrower the confidence to proceed with the purchase and their refurbishment plans.”
