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Chain crash averted

Mr and Mrs C had exchanged contracts to buy a flat without first having agreed their mortgage.

With completion looming and a large chain relying on them to complete, it became apparent that their mortgage was not going to come through in time thus putting the whole chain’s purchases in jeopardy. With less than ten days to go, we were approached for bridging finance to be repaid once the mortgage monies came through. This was duly provided and the purchase completed on time.

Funding: £177,500
Loan to value: 80%

Darego Capital Bank subscribes to the Banking Code and the Business Banking Code.

We are also a member of the Financial Services Compensation Scheme (FSCS) and are covered by the Financial Ombudsman Service.