The loan, secured against an unencumbered property valued at £75,000 with an ongoing Assured Shorthold Tenancy agreement, took ninety six business hours to go from the decision in principle stage to completion.
Paul Crewe, director at SML, said: “Full marks to Blemain Finance to have turned it round so quickly but also to the broker and his client who were ready to step up and get all the relevant paperwork.
“This kind of coordination is a hallmark of the service we offer our brokers and their clients. I can’t guarantee this kind of result every time but I can assure brokers that not only do secured loans have a real role to play in the buy-to-let market but they can be in place a lot faster than conventional first charge funding.”
Nick Jones, national sales manager at Blemain Finance, said: “Buy to let secured loans have always been a fast way of raising capital but I would urge brokers to look at the advantages to be gained by using a specialist like Smart Money Loans to cut down delays to completion.
“Knowing exactly what we, as a lender, need from the outset can make a crucial difference in the time it takes to complete a loan application. In this case we were delighted to be able to respond so quickly.”