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Together and Crystal complete 48-hour bridge to save deal

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  • 29/09/2020
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Crystal Specialist Finance and Together saved a deal from collapse by completing a bridging loan in 48 hours for a homeowner in Scotland.

 

The £65,000 bridge went from application received to completion in two days.

Crystal was approached by a broker who needed a short-term loan for a borrower in Scotland whose property move was in jeopardy due to unexpected delays in the mortgage process of their buyer.

The case was uploaded onto Together’s system on Thursday afternoon and a desktop valuation was carried out. By Friday lunchtime all underwriting requirements had been satisfied and the offer was issued.

The client completed the offer requirements on the same day and returned the information by recorded delivery, arriving at Together’s office on Monday morning allowing the funds to be released.

The bridging exit was confirmed as the sale of the existing property.

Dan Morris, key account director at CSF, said “A two day completion for bridging finance is rare within our marketplace. To achieve this excellent customer outcome for the client was particularly satisfying as the case was regulated and the security located up in Scotland.

Sundeep Patel, head of intermediary sales at Together, said: “We are delighted with the result of this particular deal. The business is committed to delivering excellent levels of service to all our partners and we will always try to act with speed and remove unwanted barriers to the mortgage process.”

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