Clever Lending, the specialist finance packager and master broker, has secured a £307,000 regulated bridging loan to allow a client to downsize.

The client pulled out of their first purchase due to dry rot, was gazumped on a second property, and then agreed revised terms on a third property before reverting back to the second property after the gazumper pulled out of the transaction.

From the introducer approaching Clever Lending with a three-week initial completion timeline, this protracted case ended up taking four months with Greenfield Mortgages supporting the client all the way through this complex maze of a transaction.

The regulated bridge was secured against the clients current property and the property being purchased, valued in total at £883,000. The loan was for the full purchase price of £300,000+fees with an exit generated by the sale of her old residential property.

Matthew Dilks (pictured), commercial and bridging specialist at Clever Lending, said: “We often hear about speed when it comes to bridging loans and the skills of specialist lenders operating in this field to ensure that transactions can be completed in a timely manner. However, what we don’t hear about enough is how flexible, accommodating and patient they can be in supporting the many twists and turns which can come with some particular cases. Especially those involving residential purchases and the tide of emotions which come with this.

“Greenfield Mortgages played a key role throughout what started out as an enquiry for a relatively straightforward three-week completion but ended up as a four-month purchase. A timeframe which is still quite remarkable given the course of events along the way. Their approach and reaction to shifting borrowing conditions was highly professional and supportive at all times and offered us a trusted platform to deliver the right solution for our introducer and their client.”

Andrew Franklin, underwriter at Greenfield Mortgages, added: “It’s always great to get a deal over the line, especially when a substantial amount of time & effort has been put in due to unforeseen circumstances such as gazumpers and gazumpers pulling out!

“The team at Clever Lending provided clear communication to us throughout the transaction keeping us fully appraised of changes to the property being purchased which enabled us to swiftly underwrite, reissue relevant documents & update solicitors with the changes whilst also keeping themselves updated throughout the legal process so they could nudge the clients solicitor with the right things at the right time to ensure a timely completion.

“It’s important in this industry to remember there is a client at the end of every transaction who is relying on us to deliver in a reliable and timely fashion which can only be achieved if both the broker and lender are working together as one.”