CORECO HELP LET DOWN CLIENTS SECURE PURCHASE WITH BRIDGING LOAN

Client:

Our client had been let down when the Buy to Let lender who had agreed a mortgage noted the property was being purchase under market value and was then unable to fund the purchase. They turned to Coreco Commercial for help.

Requirement:

As a knock-on effect from the property being under market value, the Buy-to-Let provider withdrew their offer shortly before contracts were due to be exchanged.

Our adviser Peter Davies knew that the only way to progress this sale was to secure the property with a first charge bridging loan which can then be refinanced to a standard lender post-completion.

Facility:

As an experienced broker with longstanding lender relationships, Peter was able to approach MT Finance, a specialist lender, who agreed to finance the purchase. Terms were received from MTF in record time of 24hrs from submitting the enquiry, and the team didn’t stop there – they pulled out all the stops to complete this case efficiently for the client, despite the hiccups throughout the legal process.

Once with solicitors, it transpired that the vendor was actually two companies, not just one as was expected. This, along with under value indemnity insurance being required added delays, however this was never pushed to the back of the queue – between Peter and MTF, they worked around the clock to get this to complete before their deadline.

The sale was able to progress and the happy clients are now in possession of their new Buy-to-Let property.

Broker:

Peter Davies