Chain breaks and auction purchases are commonplace for bridging finance, but what about securing a new build property while you sell your current property? Specialist lender Precise, part of OSB Group, has recently supported a broker with a residential customer looking to secure their new home whilst construction finalised on their new build and provide them time to sell their current residence.
The finance was secured against the existing residential property with exit via selling this home.
The case took advantage of upgraded policy around automated valuation models (AVMs) made in February to help brokers speed up their bridging caseloads and free up more of their valuable time. The case also used dual legal representation which positively impacted delivery with application to formal offer in only 3 days.
Alan Kimber, Head of Bridging, Precise said “Ross Williams and the Precise team worked closely together with Sam and the KIS team to bring this bridge to fruition. The customer needed a speedy solution with the developer requiring a quick completion. Utilising process changes made earlier this year helped us to provide the solution in a tight timeframe whilst also ensuring the customer has adequate time in order to exit.”
Sam O’Neill, Senior Bridging Consultant, KIS Bridging Loans said “When a client tells you they need money in 5 working days and it’s a hard deadline, most people would jump for a lender who is heavier on price but offer speed in return. That is fine when it's 'needs must', however as a broker, you have an obligation to see if you can have both. Price and speed. Precise offered an AVM on this deal with joint legal representation. With the client fully engaged, the deal was funded with time to spare."