Project Description

  • NORTH EAST

  • 112,364

  • 9 months

CHALLENGE

  • A simple auction purchase, to ensure that the loan was completed by the underwriting team to the time frame set by the auction contract
  • We were notified that the borrower had decided to take a last minute holiday and informed during the latter stages that the completion date would now need be five days ahead of the agreed schedule

APPROACH

  • We stepped up and dispensed with the business as usual processes, which we knew on this occasion might not guarantee completion to this new tight deadline
  • Email was dispensed with and the underwriters delivered all the requirements face-to-face, from liaising with the transactional solicitors to all outstanding instructions needed

RESULT

  • The loan completed to allow for settlement of the auction purchase of the property, ensuring that significant penalties were not incurred
  • In addition, funding was also provided to enable the borrowers to renovate and refurbish this tired and uninhabitable property