The specialist mortgage broker and distributor’s application for the £365,000 bridging loan was delivered electronically to UTB late on Sunday evening and is a first using the speedy 24 hour process.
Impact said the case demonstrated how packagers and lenders could utilise technology to deliver offers on specialist lending transactions in a timely manner.
It also highlighted the value attached to many short-term lending propositions, in terms of their bespoke and flexible funding solutions for borrowers across a wide range of circumstances, it said.
The clients were subject to a last minute chain-break and their vendor was not prepared to wait for the chain to be closed again. The applicants were determined to complete their purchase whilst the rest of the chain was resolved and their property sold.
The LTV was less than 50%, therefore the case qualified for an AVM meaning physical valuations on the two properties were not required.
Qualifying questions were raised and resolved on the Monday morning and the offer was credit sanctioned and issued before close of business on the same day.
Dale Jannels, managing director at Impact Specialist Finance, said: “At a time when many chains are under intense pressure to complete, this new ‘fast track’ service couldn’t be launched at a better time.
“Our bridging experience is really making the difference for our brokers by enabling them to find the right lender for their clients, like United Trust Bank in this instance. By properly packaging the case, we have proved that we can obtain funding quickly and efficiently for all parties.”
Mike Walters, sales director – property intermediaries at United Trust Bank (UTB), added: “Fast-Track is an exciting addition to our bridging service, designed to simplify and accelerate the bridging application process and enable brokers to write and complete more business.
“I’m delighted that we’ve been able to use it to achieve a 24-hour application to offer a deal for Impact which has enabled them to keep their customers’ house purchase plans alive. The team at Impact were fantastic as usual and presented a well packaged application.”
