BFS prides itself on its expertise and ability to complete projects within the most challenging of timeframes, as was the case with this latest deal.
BFS’s Adam Wolstenholme was contacted by a new broker client with an urgent loan application that required a completion within 10 days. The application was reviewed within 30 minutes of receipt and submitted to the underwriting team immediately, in addition both the valuation instructions and solicitors legal pack were also instructed.
Adam explained: “We are often presented with challenging projects for many different reasons, but time seems to be the most pressing factor and this case was no exception.
“The client had agreed to purchase a residential investment property under auction conditions, with the intention of raising a net loan of £150,000 to cover 100% of the purchase price. The client intends to spend £15,000 of his own monies to improve the property, with the aim of turning this around quickly and selling on for £230,000, repaying our facility and enjoying a healthy return.
“This was a straight forward case for us, we were able to guarantee the loan against the value of the property and could recognise a clear exit, which is key to the sign off on any BFS deal and sensible for any client committing to purchase at auction.
“This was a new broker client for BFS and presented a great opportunity for us to showcase our skills, speed and experience along with our 100% client commitment.”
