£96,000 Bridging Loan Secures Non-Standard Construction Property in 2 Weeks

A broker approached us on behalf of their client, a limited company looking to purchase a property for investment purposes. Having secured the property below market value, the client needed to complete the purchase within just two weeks to avoid losing their deposit. With such a tight deadline, the client needed a funding solution that could be delivered quickly without compromising on flexibility.

The property was of non-traditional construction, built using precast reinforced concrete, and had not yet undergone repairs under an approved scheme. As a result, it was not considered suitable security for a traditional mortgage, meaning traditional finance was not an option. Given the time sensitive nature of the purchase, a bridging loan proved to be the ideal solution. To help speed up the process, the application was placed with a lender who was willing to proceed without a full valuation, instead and Automated Valuation Model (AVM) was used. The lender’s legal team also worked proactively alongside the client’s solicitor to obtain written confirmation of the works required to achieve a completion certificate, together with evidence that the property would be eligible for refinancing once the repairs had been completed.

Recognising the urgency of the case, our team issued terms the same day. A £96,000 bridging loan was arranged over a six-month term allowing the client to complete the purchase within the required timeframe. By acting quickly and working collaboratively with all parties involved, we ensured the client completed on time, protecting their deposit and securing a valuable investment opportunity. Once the required repair works have been completed and the property becomes mortgageable, the client intends to refinance onto a longer-term mortgage.