The borrower was contractually obligated to complete on the Cyprus property by March and planned to use the proceeds from the sale of her home to do so, but failed to secure a buyer as the UK went into lockdown.
Ben Smith, director and lending specialist at The Right Loan, part of the Right Mortgage Network, called Greenfield Mortgages’ business development manager Andrew Franklin to assist with the case.
Terms were agreed on the day the case was received and Greenfield took a first charge mortgage on the client’s current home and funded the shortfall to allow her to close on the purchase of the new property before the deadline.
The loan to value (LTV) was 47 per cent and a 12-month term was agreed. The loan facility will be repaid once the client’s UK home has been sold.
Franklin said: “Ben introduced this case to us in a succinct and clear way, explaining the whole rounded scenario including certain aspects that required our immediate consideration rather than leaving it to come out at a later date, therefore ensuring his client would not be let down.
“Throughout the full process Ben liaised between myself and the client to ensure that valuation and legals were dealt with in an efficient way keeping both myself and client appraised as to progress from both sides which helped ensure the case went through smoothly.”
Smith added: “Greenfield were fantastic – a bridging lender that stuck to what they said from start to finish. Their process is so streamlined and efficient, we ended up completing the application a week ahead of schedule which made all the difference for our customer.
“This in turn provided the customer with some much-needed peace of mind, knowing that she had the funds available to complete her purchase, during these uncertain times.”