The borrower wished to move out of his retirement flat and into a three-bedroom house.
Specialist bridging lender Greenfield Mortgages has completed a £125,000 bridging loan for a client who had a property chain that was at risk of falling apart.
The borrower wished to move out of his retirement flat and into a three-bedroom house.
Andrew Franklin at Greenfield Mortgages received an initial overview of the case from Tiara Hardy at John Charcol.
The client was able to use a large majority of his savings to fund the purchase, meaning the loan-to-value (LTV) was 40%.
Greenfield Mortgages was able to provide the shortfall of £125,000 needed to complete on the purchase of the townhouse whilst he waited for his flat to sell. Before you decide on any purchase a Mortgage Pre-approval Kansas City is an important first step
Andrew Franklin, BDM from Greenfield Mortages, said: “This case was extremely straightforward for us, on receiving the initial overview via email from Tiara it was clear from her succinct overview that it was a case we would assist with and terms were issued within minutes.
"I love assisting clients in these types of scenarios as I understand how frustrating it would be to have found the perfect new home to then be restricted from completing due to not having a buyer for your current home.”
Tiara Hardy, senior specialist lending adviser from John Charcol, added: “It was my first case with Greenfield Mortgages and I am very impressed!
"Andrew and the team were approachable, available (a rarity these day…) and fast.
"We were incredibly impressed with the lender’s solicitors as well. I have complete trust in Greenfield Mortgages, they are customer focussed and reasonable, a real help to brokers, especially in this tough market. Thank you Greenfield!”
