Chain-break predicament for Scottish property – no problem for Hope Capital
Our client, a highly experienced property developer, needed to receive funds extremely quickly to complete the purchase of a residential investment property based in Scotland.
Unfortunately, as what happens on many occasions, the client found themselves in a chain-break situation and therefore, needed to find a quick, short-term solution.
Chain breaks are one of the most popular bridging finance uses in the UK, where it only takes one buyer pulling out, one transaction falling through, one link out of place, for the chain to be broken.
Thankfully, a bridging loan is a quick and effective solution for clients who find themselves in this predicament.
In this instance, the Hope Capital LOANS Fast Track Bridge, which is designed for fast completions, was the most suitable option for the client.
As soon as we saw this case, we knew we would need to move extremely quickly to ensure the borrower didn’t miss out on the property purchase and investment opportunity.
As a result, we worked directly with the borrower to speed the process up further, calling them to complete the application form and ensuring that all the necessary information was in place. We also agreed with the client that an automated valuation model (AVM) was the best solution to obtain an immediate valuation. By using an AVM, we were able to issue the loan for £212,018 at 62% LTV in just a matter of hours.
Ultimately, by opting to use a bridging loan, the client was able to became a cash buyer, which meant it was possible to immediately move forward with the purchase of the house in a residential area of Glasgow, so they could secure the investment opportunity.
If the borrower didn’t have an option like Hope Capital’s LOANS Fast Track Bridge, it would have been extremely challenging to obtain funding so quickly.
Overall, the client was relieved and extremely impressed with the service and speed Hope Capital provided to complete the sale.
Emily is responsible for developing, implementing and managing the positive image of Hope Capital, as well as communicating key messages to stakeholders within the industry.
For all press enquiries, please contact Emily directly on 0151 522 2582 or via email.