The £250,000 loan was secured on a property in North London which was valued at £420,000. It was used to finance the refurbishment of a shop and the two flats above it.
The borrower needed the funds to be released quickly so the builders could be paid to complete the works to the upper parts of the building. To help the lender process the application faster, information to support the legal work and valuation were provided upfront.
Jonathan Rubins (pictured), director at Alternative Bridging Corporation, said: “The borrower had actually been introduced to us by an existing customer of Alternative Bridging who had recommended us for our speed of service.
“We needed to move quickly to deliver the funds within a tight timeframe and we were supported in this by the fact that the borrower had already instructed their lawyers to provide a complete pack and the valuer was provided with all the necessary information upfront.”
He added: “The result of good preparation and working with Alternative Bridging was that the customer was able to access the funding required to complete the refurbishment work in just four days.
“We are always happy to work with brokers and customers on cases like this. And we will always go the extra mile to deliver the improbable.”