The purchase of a distressed property was under threat until Jon Preston took the decision to bridge and seal the deal within days, confirming the sale on Christmas Eve.
The seasoned landlords were looking to expand their business, buying and renovating homes before selling on. After two false starts, the couple from Liverpool identified a property in Seaforth that was set to be repossessed by the lender. With other interested parties keen to acquire the four bedroom property, an offer was needed within days.
Jeanette Jones, Business Development Manager at Bridging Finance Solutions worked closely alongside the couple to make sure the deal was done. She said: “Time was really against us. It was literally days before Christmas but we did manage to make it happen.
“Jon chose to work with one of our firms of partner solicitors which helped speed up the process. Working together, all parties pulled out all the stops to bridge the full cost of the property before a full mortgage could be secured in the New Year.”
Jon Preston said: “My wife and have both been sceptical about using bridging finance in the past, and have always had preconceptions in terms of high costs and unclear processes. Having worked with Jeanette and the team for our first deal, my mind-set has been completely changed. BFS are FCA regulated which undoubtedly gave us peace of mind. They’re also incredibly transparent and open – their loan illustrations are easy to understand and the process made very clear.
“Jeannette was incredibly accessible and flexible, even working with us over the weekend to make sure things happened. I will undoubtedly be using BFS again in the future and can’t recommend Jeanette and BFS more.”