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Greenfield Mortgages completes pre-Christmas bridge in eight days

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  • 09/01/2020
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Greenfield Mortgages completes pre-Christmas bridge in eight days
Greenfield Mortgages turned around an urgent bridging deal in eight days after the sale of a client’s home fell through just before Christmas.

 

The lender was approached by Mark Steinle, independent mortgage and protection consultant at Knight Frank Finance, on behalf of a client whose home had been sold subject to contract.  

The client had exchanged to purchase a four-bedroom detached house on a private estate but when the sale fell through their property chain was at risk of collapsing as well as the deposit being lost. 

Half an hour after Steinle called the lender, terms were agreed for a regulated bridging loan covering the full purchase price of the client’s new home with her current home used as additional security.  

Greenfield also received a commitment from J Raymond Welch Surveyors that the timescales could be met to complete the valuation. Within 24 hours the application was fully approved and legals were instructed immediately.   

Arwel Griffith, managing director of J Raymond Welch Surveyors, said: “We were delighted to be of assistance in this case which was very testing. 

“J Raymond Welch Surveyors Ltd is always up for a challenge and we will always do our very best to deliver high quality valuation advice on time whatever the timescales required.”  

Greenfield Mortgages worked with their team at ESN Solicitors and the client’s solicitors at Mundays LLP to complete work within eight working days which was in time for the completion date on Monday 20 December.   

Andrew Franklin, business development manager at Greenfield Mortgages, said: “I was thrilled to assist with such an urgent case and deliver the funding required within the short timescale. Mark introduced the case over the phone initially with an extremely detailed overview and had a full understanding of the scenario, properties and client.  

“Mark kept in close contact with me throughout the whole process taking an active role which ensured the case progressed to completion in a timely manner. This type of scenario is truly what bridging is for.” 

Steinle added: “Andy installed every confidence in me from the beginning that Greenfield Mortgages could meet my client’s tight deadline.    

“Despite a couple of small legal obstacles, Andy and his team pulled off a Christmas miracle and made a client very happy. Given the complexity of this case, the time of year and short timeframe, Andy and his team have impressed no end.”  

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