Impact provides 24h bridging offer for last-minute chain-break
The application for the £365,000 bridging loan concerned clients who were subject to a last minute chain-break, and whose vendor was not prepared to wait for the chain to be closed again. The…
This article was published on 28 January 2021. Some information may now be out of date. Please speak to an adviser for the latest position.
The application for the £365,000 bridging loan concerned clients who were subject to a last minute chain-break, and whose vendor was not prepared to wait for the chain to be closed again.
The applicants were determined to complete their purchase whilst the rest of the chain was resolved and their property sold.
Due to the loan-to-value (LTV) being less than 50%, the case qualified for an automated valuation model (AVM), meaning physical valuations on the two properties were not required.
Qualifying questions were raised and resolved and the offer was credit sanctioned and issued before close of business on the same day.
Dale Jannels, managing director at Impact Specialist Finance, said: “At a time when many chains are under intense pressure to complete, our bridging experience is really making the difference for our customers by enabling them to find the right lender for their circumstances.
“By properly managing the case, we have proved that we can obtain funding quickly and efficiently for all parties.”
This article is general information, not personal advice. Your circumstances will be assessed before any recommendation is made. Lending is subject to status, affordability and lender criteria.