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Purchase price of £100,000 - the customer had no deposit. The property was valued at £150,000, well in excess of the purchase price. As the customer had a good deal, 100% of the purchase price was raised via a first charge over the property. True Blue were then able to advance the £100,000.
Clients were moving house and on exchange of their purchase property, they paid a £20,000 deposit. The sale on their home should have completed the same day as their purchase, giving them enough funds to complete the transaction however, their buyers pulled out in the week of completion.
Our clients were unable to obtain a mortgage on their purchase unless their sale had completed so stood to lose their £20,000 deposit. True Blue were approached early on Tuesday morning and we enabled our clients to complete their transaction with a bridging loan facility by 4pm on Thursday.
On Tuesday we received an application from a client with a repossession order on his property for Friday. He had already received an offer for a remortgage but, it could not be completed in time. We instructed our solicitor the same day, arranged avaluation the following day, obtained a redemption figure from the existing lender and completion took place on Thursday that week.
Our client had seen a property in an auction catalogue which was in need of updating but, in advance of the auction, he needed to know how much he could afford to bid. True Blue arranged a flexible bridging loan, taking second charge on his existing property, giving him the deposit required at auction. Prior to the auction we made enquiries regarding the property, providing him with a credit facility to meet both the cost of the purchase and the improvement works.
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