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Bridging Loan Secured Against Unique New Build In Chichester

£160K Chichester

Discover how a savvy investor successfully secured a bridging loan against a unique new build in Chichester, overcoming challenges and seizing a lucrative investment opportunity.

The Scenario

Our client recently acquired a 5-bedroom detached new build in Chichester valued at £630k. Having purchased it outright with available cash reserves from a separation, she identified a promising investment property but lacked the funds to make the purchase or cover the deposit for a buy-to-let mortgage. Attempting to refinance her new build property to free up cash for the investment property, she faced a setback when her mortgage application was rejected.

What set this case apart was that the new build she owned was serving as the sales office for the development company, a common practice in new build projects. Our client was leasing the property back to the developers until it was ready for her to move in, making it ineligible for a residential mortgage and technically classified as a commercial entity without new build warranty signoffs.

The Solution

Bridging Loans Direct stepped in to provide a tailored solution: a £160k bridging loan secured against the client's new build property. This comprehensive loan covered the cost of the investment property and additional funds for planned refurbishments.

The flexibility of speed of fast bridging loans, compared to standard mortgages, allowed us to negotiate with the lender despite the commercial aspect and lack of new build warranty. The bridging loan would be repaid once the mortgage on the new build property could proceed.

In the fast-paced world of property finance, speed and flexibility are crucial, especially when capitalising on sought-after investment opportunities. Our lender played a vital role in expediting the process:

  • Online Valuation: The lender agreed to an online valuation, conducted almost instantly at a lower cost, facilitating a swift decision-making process.
  • In-House Legal Services: Utilising in-house legal services streamlined the legal procedures, employing the same solicitors as the bank, resulting in a seamless and rapid completion.

This strategic approach allowed our client to seize a unique investment opportunity that might have otherwise slipped away, showcasing how Bridging Loans Direct can turn challenges into successful ventures. If you find yourself in a similar situation, our expert team is ready to provide tailored solutions. 

Contact us today for a free consultation and take the first step towards realising your property investment dreams.

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