The short-term lender completed the deal after a client had exchanged on a £3.1m property in London using a £775,000 deposit.
However, after the client’s circumstances changed they were unable to obtain regulated mortgage finance but were also unable to pull out of the deal.
The bridge, brokered by Positive Lending, then allowed the property owner to complete the purchase and sell the property on.
Mark Posniak, head of sales and marketing at Dragonfly, said: “This type of loan in these kinds of timeframes are exactly what we thrive on as a team but the deal would never have been possible without the experience and expertise of Positive Lending, who have a forensic knowledge of the short-term loans market.
“Their energy and knowledge of what we need to make deals like this happen were crucial and they worked seamlessly alongside us to meet the deadline, thus saving the client over three quarters of a million pounds. It was a great example of teamwork between lender and broker.”
Paul McGonigle, director of Positive Lending, said: “Cases of clients buying off-plan and not being able to fund the balance is sadly not unique in today’s market. However, it’s rare for clients to be set to lose a £775,000 deposit, and with just three working days to complete the transaction we were left with a very tight deadline.
“The client, sceptical that any broker could help as they had been let down before, was delighted to have saved their deposit funds and can now participate in potential profit as they have purchased off-plan.”
As part of Mortgage Solutions’ alternative income week Dragonfly’s Mark Posniak told brokers how they can use the bridging sector to boost their income. Click HERE to read his article.
