Bristol — security property
The buyer of a Bristol flat pulled out 24 hours before exchange. The vendor had an onward purchase lined up — if they could not complete on it within the week, the deal would collapse. AF Credit used AVM valuation and a no-search indemnity to complete a £207,000 bridging loan at 60% LTV in 5 working days, preserving the onward purchase and the vendor's sale pipeline.
Bristol — security property
Chain break the day before exchange. The vendor of a Redland, Bristol flat was 24 hours from swapping contracts when their buyer pulled out. Their onward purchase — already fully progressed — would collapse if they could not fund it within a week. No time for a standard mortgage or conventional bridging process.
AF Credit approved a bridging loan at 60% LTV using instant AVM valuation (£0, same day) and a no-search indemnity policy in place of local authority searches. Both shortcuts are standard at 60% LTV on standard residential. Legal work ran overnight. Completion achieved in 5 working days from enquiry.
Onward purchase preserved. Flat re-marketed after borrower moved. Sold 9 weeks later at £350,000 — above the original agreed price. Bridge redeemed in full. Borrower progressed into their new home without interruption.
Property chains break constantly in England and Wales. The conventional advice — find a new buyer — takes weeks at minimum and months in slower markets. In this case, the vendor could not afford to wait. They had spent months progressing an onward purchase, had exchanged contracts on it, and were committed to completing on a specific date. Their buyer's withdrawal put everything at risk.
The property was a two-bedroom flat in Redland, one of Bristol's most consistent residential submarkets. Valued at £345,000, the flat had been sale agreed at £342,000. The buyer had funded the purchase with a mortgage — which was declined at the final underwriting stage due to an undisclosed employment change. The withdrawal landed the day before planned exchange.
The vendor's position: they needed to complete their onward purchase within 6 working days or lose the property and their 10% deposit on it. A bridging loan secured against the Redland flat — releasing 60% of its value — would give them the funds to complete. The exit was the subsequent sale of the flat, which they would re-market immediately after moving out.
Timeline| Item | Detail |
|---|---|
| Property type | 2-bed leasehold flat |
| Location | Redland, Bristol |
| Property value (AVM) | £345,000 |
| Net loan | £207,000 |
| LTV | 60% |
| Monthly rate | 0.79% |
| Term | 6 months |
| Valuation method | AVM (instant, £0) |
| Searches | No-search indemnity insurance |
| Charge | First charge |
| Trigger | Chain break (buyer withdrew day before exchange) |
| Exit strategy | Sale of security property |
| Sale price achieved | £350,000 |
| Working days to completion | 5 days |
In the right circumstances, 5–7 working days. The fastest completions use AVM valuation (instant) and no-search indemnity (no wait for local authority searches), which removes the two longest delays in the standard process. At 60% LTV on standard residential property with clean title, both are available.
A no-search indemnity is an insurance policy that covers the lender (and borrower) against any adverse result that would have been revealed by the standard local authority, drainage, environmental and chancel searches. It replaces the searches entirely — avoiding a 5–20 working day wait — at a cost of around £100–250. It is standard practice for urgent bridging loan completions.
An AVM (Automated Valuation Model) is an instant, £0 computer-generated valuation. AF Credit accepts AVM at 60% LTV or below on standard residential property in areas with sufficient comparable data. At 61%–75% LTV a desktop valuation is required; where the property does not qualify, a full RICS physical inspection is standard.
Yes. Bridging finance secured against your existing property releases funds to proceed with an onward purchase immediately, without waiting for a new buyer. The bridge is repaid when your property eventually sells. Contact AF Credit on the day the chain breaks — the faster we receive the enquiry, the more time we have to complete.
No. The AVM is provided at no cost to the borrower. There is no upfront fee for the valuation in cases where an AVM is appropriate.
AF Credit completes in as little as 5 working days using AVM valuation and no-search indemnity at 60% LTV. Same-day indicative terms. Call or email with the property details and we will advise immediately.
Get same-day termsDisclaimer: Case study details have been anonymised to protect client confidentiality. All lending is subject to underwriting and credit approval is not guaranteed. Any property used as security may be repossessed if you do not repay your loan within the agreed term. Past completion speed is not a guarantee of future timescales — each case depends on the specific property, title and legal factors involved. AF Credit acts solely as a lender and does not provide financial advice.