"Today’s deals are just a few examples of many cases where we have been able to complete loans at short notice and facilitate the successful purchases of properties as a result"
- Dalian Gill - Fairbridge Capital
Bridging loan provider, Fairbridge Capital, has announced the completion of three new bridging loans for properties that required rapid financing. The loans were completed in a matter of days - substantially quicker than the average turnaround time for a bridging loan, which hit 58 days last year. The deals included:
Middlesex
The firm received an enquiry from a borrower looking for a loan to complete the purchase of a property to add to his investment portfolio. The seller had served the borrower with notice, meaning the purchase had to be completed in 6 days, or the investment opportunity would be missed. Fairbridge was able to meet this deadline and provide funding of £455,000 on the property worth £650,000.
Having received the initial inquiry on the 9th April, Fairbridge was able to streamline the process, by instructing the valuations and legal simultaneously on the following day, managing to complete the loan in 6 days.
Kingston-upon-Thames
In this case, the borrower approached Fairbridge to refinance an existing loan as their original exit had not come to fruition. The lender was able to provide funding of £348,000 on a property worth £3,100,000, enabling the borrower to refinance the 2nd charge holder as term expiry approached. This also gave the borrower more time to work on their original business venture which in eventuality will repay this facility in full.
One key issue arising from this is that there was not enough time to conduct a full RICS red book valuation. However, Fairbridge was able to use an AVM (Automated Valuation Model) to speed up the process and avoid any complications with their existing lender.
East Kilbride
The borrower in this case was a returning client, hoping to complete the purchase of a commercial property. Fairbridge was able to provide funding of £1,851,120 on an industrial estate worth £3,275,000, comprising 19 units spread over 12 acres, enabling the borrower to further expand his investment portfolio.
Despite the complexity of this property, Fairbridge was able to initiate the legal processes at the same time that the valuation was being carried out. This meant that the loan was completed as quickly as possible, allowing the borrower to get his business venture underway without any delays.
Dalian Gill, Director of Fairbridge Capital, comments: “Buying a property can be an unpredictable process, and not having funding at the right time can make securing the property you want seem impossible. At Fairbridge, we place an emphasis on finding solutions for borrowers where other lenders can’t, which sometimes means working towards an extremely tight deadline.
"Today’s deals are just a few examples of many cases where we have been able to complete loans at short notice and facilitate the successful purchases of properties as a result. Brokers should always consider bridging loans as a tool to solve more complex cases like these, and we look forward to working with many more clients in the future to make their investment opportunities a reality.”
