RAW Capital Partners has delivered a BTL mortgage in four days, allowing a client to complete a property investment after their initial mortgage fell through.
A broker came to the Guernsey-based RAW seeking a BTL deal for their client who was due to complete a purchase in Manchester within four days.
RAW’s origination team promptly reviewed the circumstances and agreed to take on the case, with terms agreed and issued that same afternoon.
Due to the imminent completion, the lender’s credit team agreed that a desktop valuation would be sufficient, and both the valuers and solicitors were instructed.
After a few hurdles, due diligence was approved and the legal documentation executed.
The mortgage was delivered to the client within four days of the broker’s enquiry being received, allowing them to complete on their purchase.
“Much is made of lenders’ speed in the specialist lending sector, and while it’s certainly not the be all and end all, there’s no denying that cases arise where speed is very much of the essence,” said Ben Nichols, managing director at RAW Capital Partners.
“This is a perfect example – it’s common that loans fall through at the eleventh hour, requiring another lender to step in and ensure a deal does not collapse, which would result in stress, lost fees and missed opportunities.”
