Precise, part of OSB Group, has completed a £795,000 regulated bridging loan in just four working days.
The customer needed to move quickly while also maximising the capital raised to consolidate existing borrowing, including an existing second charge, personal debts and family commitments.
Working with KIS Finance, the lender said the case was structured at its maximum loan-to-value for this type of transaction and offered a competitive rate.
An automated valuation model (AVM) was used, removing the need for a physical valuation and helping to reduce both time and cost. Dual legal representation also helped ensure the transaction progressed efficiently through to completion.
Precise said the refinance enabled the customer to clear outstanding debts and significantly reduce monthly outgoings, while maximising net proceeds available.
The case was submitted late in the week, underwritten the following day, and an offer issued at the start of the next working week.
Legal work then progressed quickly, with funds released shortly after.
Alan Kimber (pictured), head of bridging at Precise, said: “This case shows just how dual representation can be vital in bridging cases, ensuing all legal parties are on the same page and able to progress at speed.
“It was important to move quickly, but just as important to give the customer a structure that genuinely improved their position. It demonstrates that clients do not always have to compromise on speed or value.”
Phoebe Appleby, senior bridging adviser at KIS Finance, added: “The client needed urgency but also a solution that made a meaningful cost difference.
“Precise allowed us to deliver both, combining strong pricing with an efficient process to achieve a quick completion and a better overall outcome.”
