Bridging lender WSP Capital has completed £490,000 of auction finance at 75% loan-to-value. The transaction was finalised within four days of the formal offer being issued, after the borrower's initial lender withdrew close to the completion deadline.
The transaction was arranged through Churchbridge Capital, WSP Capital’s exclusive origination partner, following an introduction from Golden Trust Capital. The borrower faced losing their deposit if the purchase did not complete on time.
According to Christopher May at Golden Trust Capital, the original lender withdrew on the day the client’s extension expired. WSP Capital approved the replacement facility and completed the loan within the four-day window remaining before the auction deadline.
The case involved enhanced anti-money laundering due diligence and required an existing valuation report to be retyped for WSP Capital’s reliance, which London’s Surveyors and Valuers delivered within 24 hours.