buy house when chain breaks

Property Developer Buy Property When Chain Collapses

14 / 09 / 22

Location: Eccleston, Merseyside
Date: September 2022
Property Type: Detached new-build
Gross Loan: £456,000

Overview
Our client, who is a vastly-experienced property developer, was looking to kickstart her own rental portfolio. The opportunity to purchase this stunning new build came up when the original buyer’s chain collapsed – one of the many scenarios where utilising a bridging loan can be extremely beneficial.

Service
Knowing that our client had secured a discounted purchase price on the basis she could complete it within a month, we jumped into action to make sure we hit the deadline. A round-robin email was set up that included all solicitors to smoothen the dialogue, we allowed a no search indemnity policy to be put in place and we were out on site within a week of the enquiry for our own appraisal. All done in the name of speed!

Impact
Thanks to our speedy processes we were able to meet the vendor’s strict deadline and the client completed the purchase at the agreed, lower level which she was thrilled with. She has big plans to kit this property out with some bespoke furniture and features including a designer garden and luxe hot tub.




Author Velocity Bridging