Often, a bridge loan is the best way to organise finance quickly if a deadline is to be met. This was the case here, with our clients needing to beat out the competition in order to purchase their dream park home.
Our clients first contacted us seeking a bridge loan for the purposes of getting their offer through on the park home they had set their sights on. The scenario was this:
There were, of course, a number of issues to overcome if they were to be successful. Hence why they came to us for help.
The main concerns were:
With all this considered, we set about helping our clients get the solution they needed to not miss out on their dream property.
First, we found an appropriate lender and one willing to facilitate the unique valuation method – AVM (Automated Valuation Model) which was based on estimations of the property value with considerations to the current market.
Once their property was valued by the lender, they could then use it as security for the bridge loan they needed. From this lender, we organised a bridge loan of £70k for our clients which was to last a 12-month term, coming at a favourable rate of 0.43% interest monthly.
The largest worry, getting the bridge loan on time, was no concern for our clients after we managed to complete the process for them within a month. This allowed them to beat the competition, purchase their dream home, and have the funds to hand when it came to repayment through the sale of their residential property in Yeovil.
With their concerns dealt with, our clients were thankful they came to us when they needed to organise finance quickly. As without a bridge loan, they were originally at risk of losing out to the competition.
Whatever you need your next short-term finance loan for, we’ve got you covered. Let our friendly expert team find you the perfect tailor-made solution.
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