Precise has completed a bridging loan in 10 working days to support a first-time buyer purchasing a main residence at auction in Somerset.
The specialist lender, part of OSB Group, worked alongside SPF Private Clients to move the case from decision in principle to completion within the tight two-week auction deadline.
A full valuation was required on the property, adding complexity to the transaction and potential pressure on timescales. However, the use of dual representation helped to accelerate the legal process, ensuring the deal remained on track.
The borrower is expected to refinance onto a residential mortgage following completion, using the bridging facility as a short-term solution to secure the property.
Alan Kimber, head of bridging at Precise, says: “Many first-time buyers assume a traditional mortgage is their only route into homeownership, but this case demonstrates how bridging can provide a practical and flexible alternative, particularly when speed is essential.
“Completing from DIP to completion in 10 working days is a testament to our team, our processes and the strong collaboration with our broker partners. We’re proud to support customers in accessing solutions that help turn opportunity into reality.”
Amadeus Wilson, executive director at SPF Private Clients, adds: “We were delighted to work with Precise to deliver a seamless and time critical outcome for our client.
“Auction purchases create unique pressures, especially for first-time buyers, and having a lender that can move quickly, communicate clearly, and work collaboratively makes all the difference. This case highlights the value of bridging finance as a strategic tool in the right circumstances.”
