Greenfield Mortgages has announced the completion of a bridging loan with John Charcol, Greenfield’s first deal with the mortgage broker.
The specialist bridging lender revealed that a borrower had wished to move out of the retirement flat he had been living in for three years, to move into a three-bedroom house.
Greenfield, suggesting that a regulated bridging loan was the right option, said the client was able to use a large majority of his savings to fund the purchase, meaning the LTV was 40%. The lender was able to provide the shortfall of £125,000 that the client needed to complete on the purchase of the townhouse, while he waited for his current flat to sell.
Greenfield business development manager, Andrew Franklin, received an initial overview of the case from John Charcol senior specialist lending adviser, Tiara Hardy.
“This case was extremely straightforward for us, Franklin commented. “On receiving the initial overview via email from Tiara it was clear from her succinct overview that it was a case we would assist with and terms were issued within minutes.
“I love assisting clients in these types of scenarios as I understand how frustrating it would be to have found the perfect new home to then be restricted from completing due to not having a buyer for your current home.”
Hardy said: “It was my first case with Greenfield Mortgages and I am very impressed. Andrew and the team were approachable, available and fast.
“We were incredibly impressed with the lender’s solicitors as well. I have complete trust in Greenfield Mortgages, they are customer focused and reasonable, a real help to brokers, especially in this tough market.”
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