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Our borrower, an experienced developer, required a bridging loan to purchase a townhouse just outside Oxford, in order to convert the house into an HMO.
Our borrower had previously applied to a challenger lender with this loan. However, after making an offer, this lender moved very slowly; after 4 months, the loan still had not been completed. The lender also used a surveyor who did not know the area well. The surveyor mis-valued the property, which created an unnecessary roadblock to completion.
Thankfully, they came to us. We undertook our own assessment of the property, and after understanding how and why the property was mis-valued, we were happy to lend. We completed just over 2 weeks later to ensure that the borrower’s opportunity did not fall through.
