End-To-End Completion in 4-days (for end-of-year targets)
The Scenario
Our client, an experienced property developer/consultant, was presented with an opportunity to
purchase a 3-bedroom detached house from McCarthy and Stone Retirement Lifestyles.
He immediately accepted the attractive investment of a property roughly £100,000 below market value.
However, McCarthy and Stone needed to sell this property before their year-end being the 31st October 2019… four days away.
Providing the Solution
Within an hour of receiving the enquiry, Apex was able to review the security and agreed to provide the full funding necessary, offering terms at 75% LTV. Fortunately, our long-term relationship with the introducing broker enhanced Apex’s ability to collate the information quickly – the application form and supporting documents arrived in our inbox roughly 3 hours later. Further due diligence and underwriting took place around a complicated security, whilst another underwriter with urgent timescales was processing loan documents.
We then carried out a full application call with our client, enabling us to feel further comforted due to his property knowledge and previous experience with bridging finance in the past. Our surveying firm, Ashwick Surveyors, were contacted and made aware of the urgent case. A request was kindly put into the surveyor for the report to be returned the day after the survey takes place (a huge ask, as the reports, usually get to us within 3-4 working days). The survey was booked for the following morning, and the firm went above and beyond to get the survey returned the same day it took place. (A massive thank you to Kate and Ian for their hard work and dedication!)
Our solicitors, Brightstone Law, were then instructed and again made aware that the case had 4 days to complete. We were subsequently pushed to the top of their pile to ensure the client did not lose the deal. As is usually the case at the legal stage, there were a few obstacles that were resolved as all parties pulled together.
The Result
A negotiated purchase price of £170,000 was agreed and the process was amazingly completed right on time, October 31st, thanks to the dedication of many parties all pulling in the same direction. A feat which originally seemed near enough impossible!
Broker’s Comments
Emily was fantastic in helping us to get a deal over the line in 4 days. We had a valuation back the day after the enquiry was sent, and the solicitors worked tirelessly alongside Emily to ensure that it was completed within the deadline. Had this not completed in the 4 days, then the Client would have lost the deal. Emily kept constant communication throughout the 4 days and made sure that if anything started to slow down, that the pace was picked up! Thanks to Emily and the team for the help in getting this over the line.
Apex Comments
“I was delighted to work with experienced and knowledgeable clients, who were always responsive and a pleasure to deal with throughout the process. The broker was always keen for an update and asking if there was anything he could do to help at any point to ensure completion was achieved. Danielle at Brightstone pulled out all the stops which was massively appreciated and also a huge thank you to Ian and Kate at the surveying firm.” – Emily Smith