Norwich Auction Purchase Bridging Loan Secured Within 28-Day Deadline
- Product Type: Bridging Finance
- Location: Norwich
- Loan amount: £90,000
- Term/LTGDV: 12 months
The Scenario – Urgent Auction Purchase Bridging Loan for Buy to Let property
Our client successfully placed the winning bid on a buy-to-let property at auction. However, auction conditions required the purchase to be completed within 28 days, making swift arrangement of finance a critical priority to secure the property and avoid penalties or losing their deposit.
The Challenge – Limited Time and Late Preparation
Before the auction, the client was uncertain whether they would bid and wanted to ensure the property was secured at a realistic price. As a result, NM Finance could only begin the process of researching and applying for a bridging loan after the client had won the property. This left just 20 working days to arrange the funding, a challenging timeline given the steps required to complete underwriting and valuation for a bridging loan.
Our Solution – Completing Bridging Finance in Record Time
NM Finance leveraged our network of specialist lenders and coordinating with all parties involved to expedite the process. Despite the tight deadline, we successfully arranged the bridging loan, and the purchase was completed on the final day of the auction condition. Our commitment and proactive approach ensured the client secured the property without incurring penalties, demonstrating our dedication to achieving the best outcome under pressure.
