The guarantee is valid on all residential properties valued in London and the South East, up to a maxmium property value of £3m and gross LTV of 70%.
According to Borro’s Director of Sales, Claire Barrington-Jones, bridging finance providers, once renowned for providing fast finance, are becoming slower to complete deals.
She said: “We know from talking to our introducers that the average time to complete a bridging deal is getting longer. To our mind this rather negates one of the main USP’s for which bridging is renowned. Time taken to undertake valuations and return them to the lender has been cited as one of the main reasons for delays.
"Therefore, we are issuing a challenge to demonstrate that bridging finance arranged through Borro can still be guaranteed to complete in a timeframe that suits our introducers and their clients. By ensuring that the valuation is completed and returned within 48 hours, we can make sure that we meet and exceed our introducers’ expectations."
