This case came through from Mike Powell, an AR of the Cornerstone Network, who referred a client looking for bridging finance to purchase a property at auction. It was the client’s first time buying at an auction, and they successfully won with a purchase price of £136,000.
The challenge
The timing of this deal made things tricky. With Christmas approaching, most valuers were fully booked, making it difficult to secure one quickly. Adding to this, the client was away on holiday for a week after Christmas, with limited access to a computer.
Having never used bridging finance before, the client had plenty of questions. Ben Gauci and Ian Pottle, Senior Underwriter at Cornerstone Capital Finance, were on hand to guide them through the process and provide the necessary support.
The solution
To avoid delays, we worked swiftly with Cornerstone Capital to secure a valuation appointment at a competitive price through Method. Fortunately, we managed to get the valuation instructed before Christmas, preventing any delay.
Despite the client being away, Cornerstone Capital ensured the case was sanctioned, legal work was instructed immediately, and the valuation was carried out before they left. When the valuation report came back in January, the property was valued at £180,000. As a result of the increased valuation, Cornerstone Capital agreed to lend against the market value rather than the purchase price, increasing the loan amount significantly.
The client was thrilled with the service, appreciating the clear communication and support throughout the process. They left a glowing 5-star review, stating how much they look forward to working with us again.
Testimonials & Reflections
The client said: “Excellent service. We worked with Ben who was very efficient, prompt and responsive. He made the transaction simple and straightforward and ensured that progress was being made every step of the way. We’re looking forward to working with Ben and the team again in the future.”
Ben Gauci reflected on the case, saying: “The client was a pleasure to work with. I’m glad we managed to get everything sanctioned and the valuation done before Christmas, so they didn’t have to worry over the festive period. I look forward to working with them again soon.”
