Colenko has announced that it has completed a £570,000 bridging loan within 48 hours of receiving the application, allowing a borrower to buy a detached four-bedroom home in Woking.
The borrower’s original term lender could not provide funding in time, which put the purchase at risk. Colenko stepped in through its Fast Track product with a 12-month bridging loan at 75% loan-to-value, charging interest at 0.99% per month. The borrower plans to refinance onto a term mortgage.
Bridging loan built around a tight deadline
With a tight completion date, Colenko began underwriting as soon as the application arrived. Valuation, underwriting and legal work ran in parallel to keep the transaction moving.
An automated valuation model (AVM) removed the wait for a physical valuation, while title insurance shortened the legal timetable. Together, the two allowed the team to assess the case and complete the facility within 48 hours.
The funding secured the purchase and gave the borrower 12 months to arrange longer-term finance.
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