Last-gasp auction rescue by Together and SPF saves deal from collapse.
We’ve come to the rescue of a buyer who was set to lose an auction property she’s had her heart set on, after being let down by a broker.
Working with our partner SPF Short Term Finance, we managed to provide the £430,000 bridging loan the investor needed to buy the Surrey property – within a week.
A physical valuation of the auction property was carried out two days after the case was first submitted, with all legals executed the following day, a Friday. On the following Monday, the valuation was received, the offer was issued and the funds released.
It was a tight deadline, as the property was due to go back into auction the next day had the finance not been agreed.
Sundeep Patel, our head of intermediary sales: “This was a great result and we’re delighted to have helped the customer with her aspirations to buy her chosen property.
"The case was expertly packaged for us by SPF and this kind of case just shows how important it is for us to work with quality partners who really understand how a bridging lender with knowledge and expertise can get the best outcome for their client."
Amadeus Wilson, director of SPF Short Term Finance, said: "We really needed to pull out all the stops on this one as the buyer was desperate. She had been let down badly by another broker and was about to lose out on the property."
"These are difficult market conditions but Together was able to do an excellent job at a time when many lenders have service issues. We were delighted to be able to tell the client that the bridging finance had been approved and the property was hers."
Any property used as security, including your home, may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.