The home to be put forward as security was mortgage-free and valued at £3M. In Guernsey, there is restrictive property law regarding ownership, meaning that most properties of this value are passed on through family trusts.

Our client needed a bridging loan for £800K, raised against her current valued property. The funds would then be used to develop the new build (valued at £1-1.5M).

The main issue arose from our client needing a specialist lender. Due to a lack of financial regulation in Guernsey, the pool of lenders is smaller compared to the UK, as UK-regulated lenders (for homeowner borrowing) can’t get involved.

• We approached the correct lender, sourced through our specialist network, and arranged a meeting the following week.
• There was no need for an inspection which can often slow the pace of completion. Specialist lenders know their market, and this can greatly speed up the process.
• Lastly, we secured finance within three weeks after our client’s application was submitted.

Ultimately, through our connected network of lenders, we were able to get our client a satisfactory and speedy result delivered by our specialist bridging loan brokers.