Hope turns loan around in 48 hours to meet urgent deadline

Facility

£285,000

Loan Term

3 months

LTV

75%

Issue

The applicant had secured the flat off plan and the broker had arranged a long-term facility with another lender which was approved but would not be in place in time.
Originally the client’s father was providing the funds to bridge the gap until the long-term loan was in place, but father passed away suddenly, and the money was placed in probate. The client was served 10 days’ notice to complete.

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“Thank you, Brian and the team for an outstanding service on our latest completion. The case was complex with an extremely short period of time to complete the deal and once again Hope Capital was my first choice of lender. I knew I could 100% trust in Hope Capital to deliver under very difficult circumstances on our latest collaboration.”

Solution

The borrower’s broker came to Hope Capital looking for an urgent bridge to assist with the purchase as the original funding was no longer available.
Hope Capital was able to get a valuation instructed and received within 48 hours. The borrower was also abroad at the time the notice was served – visiting his mother – and he arranged to fly back and meet with our Asset Manager at the weekend to conduct the client interview.

There was a further complication the day before completion when the client’s solicitor informed the borrower that the vendor had applied a £20k interest fee for not completing on the original completion date.
This resulted in the client having to find the shortfall in less than 24 hours through poor communication from the other side.

Result

Hope Capital, the broker and the solicitors worked tirelessly to ensure that everything was in place on time and as a result of great communication, determination and collaboration, everyone pulled together to ensure the deadline was met.

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Laura Carr

Laura is responsible for the effective and efficient running of Hope Capital’s underwriting department, ensuring that there is a strong relationship between brokers, borrowers and stakeholders. As with everyone at Hope Capital, Laura and her team are always accessible by phone and email to talk through a case.

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