North East Auction Finance - Case Study: £112,364 (9 months)

CHALLENGE

• A simple auction purchase, to ensure the auction loan was completed by the underwriting team - to the time frame set by the auction contract
• Mint Bridging were notified that the borrower had decided to take a last minute holiday. We were informed (during the latter stages) that the revised completion date would now need be five days ahead of the agreed schedule

APPROACH

• Mint stepped up and dispensed with the business as usual processes, which on this occasion might not guarantee completion to this tight new deadline
• Emails were dispensed with and the underwriters delivered all the requirements face-to-face, from liaising with the transactional solicitors to all outstanding instructions needed

RESULT

• The loan completed to allow for settlement of the auction purchase of the property, ensuring that significant penalties were not incurred
• In addition, funding was also provided to enable the borrower to renovate and refurbish this tired and uninhabitable property