Specialist lender Precise has completed a bridging loan in seven working days, enabling the construction of a family annexe for an elderly couple relocating to their daughter’s property.
The case, introduced by distribution partner Positive Lending, involved securing a first charge bridge against the couple’s existing home, which is to be sold to repay the loan once the annexe is completed. The facility allowed the couple to begin work on their new living space swiftly, reflecting the growing demand for alternative family housing solutions amid an ageing UK population.
There are an estimated 60,000 annexes in England and Wales, and the figure is expected to rise as more families seek multi-generational living arrangements. Motivations range from shared childcare duties to the preservation of inheritance wealth, placing short-term lending solutions in the spotlight as a viable option for homeowners.
AVM ASSISTANCE
Recent updates to Precise’s policy on automated valuation models (AVMs) enabled the lender to move quickly on this case, offering the bridge on its standard rate within a day. With a longstanding working relationship with panel firm JMW Solicitors, the lender utilised joint legal representation to further expedite the process. Completion was achieved in seven working days, despite the presence of a bank holiday.
Alan Kimber, head of bridging at Precise, said: “It’s important to showcase the range of ways that bridging could be the ideal funding solution; this case is a shining example of how it can be used to help solve a family dilemma where time was of the essence.
“Ross Williams and the Precise bridging team used their expertise, market knowledge and strong working relationships to really pull this case out of the bag, all completed within seven working days, which shows great teamwork from everyone involved.”
David Hounsell, senior specialist lending manager at Positive Lending, said: “The teams at Precise and JMW Solicitors acted with the required speed to release funds for our clients to complete their renovation works as traditional borrowing wasn’t possible due to their circumstances.
“Although this wasn’t a large bridge, the timing was absolutely crucial, and that’s where the AVM process and joint legal representation alongside the expertise from Precise really made a difference with a fantastic customer outcome.”
