The client planned to sell her current home and use part of the proceeds to partially fund the purchase of her new home in Cyprus. The main issue was the client had not secured a buyer for her home in the UK yet and she was contractually obligated to complete her next purchase by the end of March.
On the same day the case was received, terms were agreed for a regulated bridging loan. Greenfield took a first charge on the client’s current home and funded the shortfall meaning the client could complete on her next purchase within the required timeframe. The LTV was 47% and 12 month terms were agreed. The loan facility will be paid back once the client’s home in the UK has been sold. The client was able to complete the purchase of her new home before she sold her current property with a £115,000 bridging loan from Greenfield Mortgages.
This case was introduced to Greenfield Mortgages by Ben Smith from The Right Loan.
Andrew from Greenfield Mortgages commented saying: “Ben introduced this case to us in a succinct and clear way, explaining the whole rounded scenario including certain aspects that required our immediate consideration rather than leaving it to come out at a later date, therefore ensuring his client would not be let down. Throughout the full process (from initial enquiry to completion) Ben liaised between myself and the client to ensure that valuation/legals were dealt with in an efficient way keeping both myself and client appraised as to progress from both sides which helped ensure the case went through smoothly.
Ben from The Right Loan said: Greenfield were fantastic! A bridging lender that stuck to what they said from start to finish. Their process is so streamlined and efficient, we ended up completing the application a week ahead of schedule which made all the difference for our customer. This in turn provided the customer with some much-needed peace of mind, knowing that she had the funds available to complete her purchase, during these uncertain times. Being able to speak to Andrew from the very initial call throughout the process was both refreshing and a huge benefit to the application, as we were able to iron out any creases at the very beginning and anytime an obstacle appeared, we were both on hand to work a way through it.”