This week's case study highlights how Alexander Hall's specialist lending team helped a client proceed with their property purchase through the Covid-19 lockdown.
Our clients' challenge
Our client had exchanged on a residential purchase in early March and was set to complete this in April. Part of the deposit funds for the purchase were coming from a buy to let re-mortgage on their existing home, which they intended to rent out. The survey on the re-mortgage however was not able to take place owing to the Covid19 lockdown. Subsequently, the clients would not have the funds in place to complete.
Alexander Hall's solution
Our specialist lending team put together a bridging loan on the existing property. The case passed through application, survey and to offer in the space of three days. This was due to the fact that the lender used electronic verification for much of the underwriting process, including an automated valuation which did not require a physical inspection of the property. The bridging loan can remain in place for up to 12 months, but will likely be repaid far sooner. Now that physical valuations are taking place once more, the BTL re-finance should be able to complete in a matter of weeks. Thanks to the speed at which the bridging solution was put together, the purchase was able to complete at the scheduled time and our client is delighted with the outcome.
