It supports purchase after client’s property sale falls through
Specialist lender Precise has finalised a £1.7 million bridging finance arrangement to support a borrower facing a property chain collapse. The funds enabled the buyer to proceed with the purchase of a home listed at auction, which required completion within 56 days.
The solution involved a bridging loan of up to 12 months, giving the borrower time to sell their current property before repaying the loan. This approach ensured the client only incurred interest for the duration they used the facility.
“Chain breaks are unfortunately common with house sales, and in 2024, 28.8% of all property sales fell through,” said Alan Kimber (pictured), head of bridging at Precise. “However, it doesn’t need to spell the end of the buying journey as bridging can often be the ideal solution, helping buyers continue with their purchase and providing the ability to sell their property at a later date.
According to 2024 data, chain breaks are the leading reason borrowers turn to bridging finance. In this case, the client was represented by Jenny Gallagher of Canford Specialist Finance, who approached Precise with an urgent scenario.
“We first spoke about this case with Precise on a Friday, and by the following Tuesday, they had helped us submit a full application,” recalled Gallagher, director of Canford Specialist Finance. “Precise delivered an offer swiftly, allowing the client to proceed within the auction’s strict timeframe and allowing the purchase to complete comfortably within the 56-day deadline.
“Their property sold within eight weeks, meaning just two months’ interest is payable, thanks to Precise’s flexible criteria. It’s cases like this that show just how effective specialist finance can be when all parties are aligned and responsive.”
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