"Chain breaks are unfortunately common with house sales, and in 2024 28.8% of all property sales fell through"
- Alan Kimber - Precise
Specialist lender Precise has announced that it has completed a £1.7m bridging loan to support a customer facing a residential chain break, enabling them to meet a tight auction deadline and proceed with their home purchase.
Bridging finance continues to play a key role in preventing sales from collapsing, with chain breaks remaining the leading reason for its use in 2024. In this case, Precise was approached by Jenny Gallagher, director at Canford Specialist Finance, who outlined the urgency of her client’s situation. The customer needed to complete on a property bought at auction, with a 56-day limit to finalise the transaction.
Working together, the teams agreed that a bridging facility with a term of up to 12 months would provide the necessary flexibility. The structure allowed the customer to repay the loan as soon as their existing home sold, limiting the cost to only the time required.
“Chain breaks are unfortunately common with house sales, and in 2024 28.8% of all property sales fell through," explained Alan Kimber (pictured), head of bridging at Precise.
However, he continued, "It doesn’t need to spell the end of the buying journey as bridging can often be the ideal solution, helping buyers continue with their purchase and providing the ability to sell their property at a later date."
"Jenny worked very closely with Ross and our in-house underwriters, diligently providing the information and documentation they requested, which really helped to push this case through quickly.”
Gallagher added, “We first spoke about this case with Precise on a Friday, and by the following Tuesday, they had helped us submit a full application. Precise delivered an offer swiftly, allowing the client to proceed within the auction’s strict timeframe and allowing the purchase to complete comfortably within the 56-day deadline. Their property sold within eight weeks, meaning just two months’ interest is payable thanks to Precise’s flexible criteria.
"It’s cases like this that show just how effective specialist finance can be when all parties are aligned and responsive. The support from all at Precise was second to none.”
