Specialist broker, Enterprise Finance, has completed a bridging loan in a turnaround time of just five hours.

The quick completion helped a couple who risked losing their new home.

The client had a buy-to-let (BTL) property for sale and was planning on using the funds to purchase a house to live in. They wanted to borrow £145,000 to buy a £275,000 property meaning the LTV was 40%.

Enterprise sourced an unregulated bridging loan at 0.75% for 12 months and arranged a desktop valuation so that nobody had to visit the property.

“Five hours is an extremely quick time to complete a loan, but it needed to be for the couple to secure their dream home,” commented Enterprise managing director, Harry Landy. “It has also given them up to a whole year to sell the BTL property, relieving a lot of stress for the client.

“With the 20 years of experience that Enterprise has, when we receive a case like this our wealth of expertise coupled with our connections in the market means we can secure a deal at great speed. Our client was extremely happy they got the deal they needed with a phenomenal speed of completion.”

Lender, Together, took care of all legal work using its in-house solicitors, Priority Law, to significantly reduce the cost and the time to complete.

Together regional account manager, Marylen Edwards, added: “We pride ourselves on the speed at which we can transact – and the great service we provide – when arranging bridging finance.

“Enterprise were fantastic in providing all the documentation we needed to make a lending decision so quickly. It goes to show how working closely with our key partners can help achieve the best possible outcome for their client.”

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