The case involved an auction purchase for investment purposes that was rejected by a high street lender because the property didn’t have a bathroom.
It arrived mid-morning on 13 July via recorded delivery from Bournemouth-based packager, Positive Lending, and, given the experience and quality of the borrower, was offered within two hours of being underwritten.
On 14 July, specialist lender services law firm, Pure Law, carried out all the necessary legal work and on 15 July, less than 48 hours after being submitted, funds were released by Drawbridge Finance and the case completed.
Paul McGonigle, Managing Director, Bournemouth-based packager, Positive Lending, comments:
“Speed of completion was essential to this case and we weren’t let down. The flexibility and expertise of the underwriters, backed up by an experienced legal team in Pure Law, enabled completion in less than 48 hours. It’s the fastest payout Positive Lending has ever been involved in and we look forward to working with the Drawbridge Finance and Pure Law teams in the future.”
Mark Posniak, Head of Marketing & Operations, Drawbridge Finance, adds:
“Drawbridge Finance prides itself on its speed and service levels and this deal is the best example yet. It goes to show that the funds are there and can be accessed rapidly if you use the right packager, the right legal firm and the right lender.”
