Urgent Bridging Finance for Auction Completion

Background & Client Challenge

A property investor approached Cornerstone Commercial Finance in a highly time-critical situation. Having secured a property at auction for £128,000, the client had already paid a 10% deposit and had just two days left before the contractual completion deadline. Without immediate funding in place, they were at imminent risk of losing both the property and their deposit.

To avoid a significant financial loss and to meet the strict auction timescales, the client required an urgent bridging loan to be arranged and completed in record time.

Solution Delivered

Commercial Manager Ben Gauci responded immediately, taking decisive action to progress the case without delay. Key steps included:

• Same-day packaging and submission of the application to Together, utilising an Automated Valuation Model (AVM) to remove the wait associated with a physical valuation.
• Immediate instruction of solicitors, after identifying that the client’s original solicitor did not meet the lender’s minimum panel requirements.
• Recommending trusted legal partners HCR Law, ensuring the matter was handled by a team familiar with urgent lender-panel bridging transactions.
• HCR Law served a notice of completion, securing an additional 10 days, allowing the transaction to proceed smoothly.

Thanks to tight coordination between Cornerstone, the lender and solicitors, the case progressed from application to completion in just 9 days, comfortably within the extended timeframe.

Outcome

The client completed the purchase successfully, safeguarding their 10% deposit and avoiding any contractual penalties. The bridging facility arranged was an £80,908 net loan, providing the exact liquidity needed to complete within the revised timeframe.

Client Review

“Excellent service. Did all the tasks quick. My bridging loan was arranged so quickly by Ben. Well done.”