Bridging Loan Secures Property Purchase After Bank Withdrawal

When John’s lender pulled out just 13 days before settlement due to restrictions around the number of units in his building, his property purchase and deposit were suddenly at risk.

Mango Credit moved swiftly to secure the deal, protect his investment, and ensure the settlement went through on time.

The situation

John was in the final stages of buying his home when his lender withdrew finance. The reason? The property was in a block with more than 35 units, a common barrier for some mainstream banks.

With settlement just under two weeks away, he faced losing his deposit and a valuable builder’s bonus, and missing out on a home that was already building equity.

How Mango Credit responded

With time running out, John turned to Mango Credit. The team reviewed the scenario promptly and offered a short-term bridging loan solution that didn’t rely on blanket policies or inflexible criteria.

From valuation to legal documentation and funding, every step was fast-tracked, allowing John to settle on time.

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Key features of the loan

• Turnaround in 13 Days: The full loan process, including valuation and legals, was completed within the original settlement window.
• No Tick-Box Lending: Instead of dismissing the deal due to the number of units, we assessed the actual strength of the opportunity.
• Deal-Saving Solution: Settlement was completed on schedule, meaning John kept his deposit and builder’s bonus.
• Equity Secured: With the purchase finalised, John walked into a home with equity already in place.

What it meant for John

Thanks to Mango Credit’s flexible and efficient lending approach, John avoided losing tens of thousands of dollars and retained a foothold in the property market despite being abandoned by his original lender at the final hour.

“They saved my property purchase when my lender pulled out 13 days before settlement… I kept my deposit and my builder’s bonus, and now have equity in my home. They certainly saved my purchase!” — John

Final word

This case shows what’s possible when a lender is prepared to move fast and assess each situation on its own merits. When timing is critical and the banks say no, Mango Credit offers tailored lending that gets deals done.

Need bridging finance on a tight timeline? Talk to Mango Credit today.