Refinance for regulated bridging loan completed in just four days

Clare Day and Hannah Robbins in our Real Estate Finance team pulled out all the stops to complete a regulated bridging loan in just four days, from receipt of instructions to drawdown of funds.

Acting for both the borrower and the lender on a dual-representation basis, instructions were received on a Wednesday and completion took place the following Monday. Dual representation allowed for consistent and effective communication between the lender, broker and borrower and minimised any delays that might have occurred had we needed to communicate via third-party representation.

As the borrower was new to the firm, client onboarding and ID/AML checks were completed swiftly and prompt, complete responses were received from the borrower.

The team reviewed the information supplied by the lender and borrower, raising initial enquiries within 20 minutes of receipt. This ensured any issues were quickly identified and dealt with without delay.

The team received the formal loan approval and valuation on the Friday prior to the Monday completion. They promptly issued the security documents to the borrower for signature and set up the completion process to enable funds to be released to the borrower on the Monday.

The lender client noted the efficient turnaround and the borrowers expressed their appreciation for the support provided.

This matter demonstrates the importance of clear communication channels between parties to enable transactions to progress quickly. The team look forward to delivering further transactions like this while deepening relationships with both the borrower and lender clients.