When bridging the gap between buying and selling property, alternative borrowing such as bridge loans can prove the best course of action. In this case, our clients were downsizing into their retirement home and needed a bridge to get it through as soon as possible.
We were approached first by our clients with a need to downsize to a retirement flat that they had their eye on. They currently resided in a property located in Bristol.
The situation was this:
It seemed that they had everything they needed in place to get underway, yet there were some additional concerns, aside from the time pressure, that would need to be addressed.
Both of these things would have to be worked through and had the potential to elongate the process, while our clients were already under a strict deadline to purchase the retirement flat being it was relisted.
Throughout the entire process, we were attentive to the needs of our clients – due to the uniqueness of the case, and dealing with our client’s disability, we had to make several considerations to this fact in order to ensure their success.
We had multiple video calls with our clients, keeping them up to date and reassuring them that all was going smoothly and that all was understood by them at every stage of the process.
For the bridge loan, we approached the best lender that was well-suited to facilitate our client’s needs. Through this lender, we secured them the large loan size needed - £330k – to be repaid over the typical term of 12 months, with a 0.45% rate monthly.
Additionally, we approached this lender as they offered joint representation through a single solicitor. This meant our clients would not have to worry about instructing their own, or getting their own legal representation in this case. This would greatly help with speeding up the process – despite delays that came with some early difficulties in finding the right solicitor for the job.
Overall, we managed to complete the process within 2 months for our clients from application to offer. Our clients got the loan and could then purchase the retirement flat before it was relisted, and could sufficiently repay the loan through the sale of their Bristol residential property.
Despite delays, and the complication of our client’s disability, we managed to secure a bridge loan for them and resolve their pressing issues. Without our help in securing finance, our clients were at risk of missing out on their retirement flat plans, so thankfully, they came to us and ensured success.
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