£121,000 bridging loan completed in 24 hours helps parents purchase their daughter’s dream home.

When a delayed property sale threatened to derail their daughter’s onward purchase, her parents needed fast, flexible finance to step in and save the deal. With just 24 hours before completion, the family needed a temporary short term solution, in the form of a regulated bridging loan, that would be repaid once their sale completed

The ask

After their daughter found her perfect new home, a couple decided to put the Plymouth flat that she’d been living in up for sale to help fund the move. However, an unexpected delay in completing the flat sale left them short of funds, with their daughter’s completion date rapidly approaching.

With no time to wait for the sale to go through, the family needed an alternative way to raise the money quickly, without putting the purchase at risk.

The solution

The couple approached Truffle Specialist Finance to explore short-term funding options. Aware of our reputation for delivering finance at speed, often in complex and challenging cases, the broker brought the deal to Together.

Our expert team were able to manually assess the application, enabling the swift and confident decision needed and ensuring that the bridging loan was the right solution for the clients. Upon assessment, we were confident that we could provide the £121,000 regulated bridging loan, with the processes and people in place to complete it within the tight deadline.

Although bridging loans can be arranged quickly, the need to turnaround this case in a day was unusual. It was only possible due to the organisation and communication between Together, the broker and their client. Our team used an automated valuation and internal legal team to keep the application moving at pace, even when hit with the unexpected challenge of a land registry restriction.

Alex Carr, Underwriter at Together, said “As soon as Truffle brought the case to us, we understood the urgency and were able to work as a team with the broker and their client to get in place all the necessary documents needed to complete the deal. It helped that Truffle’s clients had an impeccable credit record and that they and their solicitors were quick to respond to our requests.

“Cases like these are really motivating as you get to see how fast and flexible bridging finance can help a client achieve their property ambitions.”

As with any bridging loan, our team needed to ensure that the couple could repay the loan within the 12-month term, as delays or failure to repay the loan on time would lead to higher costs and could ultimately put their property at risk. We were satisfied that they would be able to complete the sale of their Plymouth flat within the time period and use the proceeds to exit the bridging loan.

The result

The £121,000 regulated bridging loan was agreed within the 24-hour timeline, allowing the couple’s daughter to put down the deposit on her new home.

James Rainbird, Managing Director of Truffle, said: “Together has a superb reputation in the specialist lending market for being able to deliver and this was the perfect example of them pulling out all the stops, going above and beyond to make sure our client’s deadline was met.

“The fast funding meant our client’s daughter could seize the opportunity to buy her dream home, without having to wait for her flat to sell, and her parents were delighted to be able to help their daughter step up the property ladder.”

A regulated bridging loan is a short-term option only, with a maximum term of 12 months, and may not be suitable for all customers. It’s important that you have a strong repayment plan that you can prove (such as a property purchase or guaranteed income or settlement) and some lenders may ask for a backup plan in case the first ‘exit strategy’ cannot be achieved.

From tight deadlines to complex cases, Together has decades of experience in bridging finance and a proven track record of supporting customers and brokers to achieve the right outcomes. Our expert underwriters take the time to understand each case on its merits, allowing us to move quickly and confidently when it matters most.

Looking for a lender who can help you bridge the gap in your finances? Speak to our expert team to see how we can support you.