A Manchester-based short term lender has spoken out about its capacity to complete cases without valuations.
Goldentree Financial Services’
aptitude to lend money without valuation was put to the test recently when a client needed to complete on a London-based commercial opportunity in just 48 hours.
Had the client failed to complete in time, they would have ran the risk of losing out on the opportunity as well as the deposit monies.
Commenting on the case, Goldentree’s Director Darryl Lee, said: “This particular client had been previously let down by other providers’ false promises. They were looking for 35% LTV as they offered additional security.”
Darryl, acChartered surveyor, has 30 years’ experience in the property industry in development and investment, which means he is able to give a professional opinion for lending purposes.
He continued: “I was able to give the lending manager my opinion on the property, as we are not beholden to any bank funding requirements, we were able to complete within 48 hours, allowing the client to complete on their deal.
“So it was a great result for everyone involved.”
The valuation process, required by most mainstream lenders, is one of the many hurdles that clients face when they need a speedy lending decision. However, due to private funding Goldentree has the ability, in specific cases, to complete without valuations.
Goldentree’s private funding is backed by the world’s largest independent bookmaker, Fred Done, who put his own money behind Goldentree in order to aid movement in the property markets and make it easier for individuals to seize business opportunities.
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