Colenko completes £570,000 fast track bridging loan in 48 hours
Colenko has completed a £570,000 Fast Track bridging facility within 48 hours of receiving the application, enabling a borrower to purchase a detached four-bedroom residential property in Woking.
The borrower’s original term lender was unable to provide funding in time, putting the purchase at risk. Colenko stepped in to provide a 12-month bridging facility at 75% loan-to-value, with interest charged at 0.99% per month. The planned exit is a refinance onto a term mortgage.
With a tight completion deadline, Colenko began underwriting as soon as the application arrived. Valuation, underwriting and legal work progressed in parallel to keep the transaction moving.
An automated valuation model (AVM) removed the need to wait for a physical valuation, while title insurance helped shorten the legal timetable. This approach allowed the team to assess the transaction and complete the facility within 48 hours.
The funding secured the purchase and gave the borrower a 12-month term to arrange longer-term finance.
The transaction demonstrates how Colenko’s Fast Track product can support time-sensitive purchases when an alternative lender is unable to meet the required completion date.