At Bridging Vat we understand completion day for a commercial property purchase can be fraught. We try our utmost to ensure our loan advances are stress free, with no nasty surprises.
Our loans are only ever advanced to the client account of the borrower's solicitor and held to order for the purpose of paying the VAT element of the borrower's commercial property purchase.
The borrower's solicitor will request draw down of funds from the Bridging Vat solicitor once they have reasonable certainty when completion will take place. We aim to transfer funds to the borrower's solicitor by close of business on the day before completion, but if necessary we can provide same day draw down.
Prior to the Bridging Vat solicitor confirming formal release of the loan advance, the borrower's solicitor must:
confirm they are holding original signed loan documents.
provide a signed copy of their firm's completion undertaking.
confirm, where the Net Advance is 100% of the VAT due, they are holding a cheque signed and dated at completion for the Fees and Interest that may be presented on recovery of the VAT.