What is PartX and why do you offer it?

With rising costs of home loans and increasing affordability issues because of the cost-of-living crisis.   The reality for developers is a slowdown in house sales and lengthening of transaction times.  Our PartX- Part Exchange Lending facility is a new innovation that could be just the solution developers are looking for!

Alternative Bridging offers PartX.  A part-exchange product which provides certainty to the sales process and means developers can attract more home buyers.   This means that purchasers can move into their dream home quickly and developers can complete sales quicker at full value.

It’s a win-win solutions for all parties!

Who is PartX aimed at?

The product PartX property finance helps small to medium-sized developers and estate agents.  It allows for the quick sale of newly developed properties.  It consists of a pre-agreed part exchange facility that can be used to expedite sales and deal with chain breaks on new home developments.  With Part X, there is no chain to hold things up as per normal home loans.

With an agreed facility, developers have the finance they need to complete a part exchange purchase with the buyer of one of their developed properties. This will help to accelerate the sales process.  Especially at a time when sales are taking longer and are not as certain as they were 12-18 months ago.

That’s not all!   PartX can also provide funds for light refurbishments.  This is ideal for developers who want to make improvements to the part exchanged property to maximise resale potential.

PartX offers support to our developer clients, many whom we have worked with for a number of years. It is also available to developer clients of other lenders.

How long is the application process?

Terms are agreed at the outset, with all due diligence completed in advance, which means PartX can be arranged swiftly.  It typically takes the same length of time as a bridging loan. This benefits the developer as it means the facility can be completed quickly and easily when required, utilising a short form of valuation, title insurance and a standard legal charge.

Developers will benefit as PartX facilitates the fast sale of a property – at its full value.

In addition, the owners of the part exchange property will also be selling their property at full value and completing the purchase of their new home without waiting to find a buyer.

Put simply, PartX enables developers to maintain the rate of sale on their sites and, just as importantly, to repay their development facilities on time.

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