Precise has completed a £1.2m bridging finance deal in 11 working days, supporting a time-sensitive refinance of a development project and helping the client avoid default penalties.
Patrick Robertson at BuildLoan introduced the non-regulated refinance, which was required to repay an existing lender whose terms were close to expiring. Precise also provided further funding to complete the final stages of the development, with the client planning to exit via sale once works conclude.
The deal progressed quickly:
- Application to offer: seven working days
- Offer to completion: four working days
- Total turnaround: 11 working days, supported by a full valuation
Title insurance alongside a joint representation legal structure proved central to delivering the transaction at pace, streamlining the legal process and accelerating completion. Leigh Randle, dedicated bridging underwriter, managed the case, with JMW handling legals.
"Where timelines are tight, the right legal structure is critical," said Alan Kimber, head of bridging at Precise (pictured).
"Title insurance and joint representation allowed us to move quickly while still progressing a transaction of this size with the necessary oversight."
"This was a time-sensitive refinance with a clear deadline," said Patrick Robertson, short term finance specialist at BuildLoan. "The speed of delivery, along with the additional funding for final works, has put the client in a position to complete the project and move towards a sale."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
