Our client approached us to help finance a house purchase while waiting for an existing property to sell – luckily, bridging finance is well suited to this problem.
We were approached by a client looking to purchase a new residential property in the countryside, and looking to sell their existing property
Properties in the countryside, even if being bought for residential purposes, often have financing issues due to additional buildings as part of the titles or encompassing farmland.
This situation warrants approaching the right lender. Through our network, we found a lender who was comfortable with both the client's earning structure and the property.
However, as we were nearing completion, the client’s buyer pulled out. Meaning we would have to act fast to secure their new residential property.
This can often happen, and bridging finance is the best solution. The potential pool of buyers in that area could be significantly smaller and there is always the concern that a chain break may occur, halting progress on securing your dream property.
We quickly resolved the chain break and helped our client secure their new property with the proceeds from the sale of their previous property
Our team arranged a bridging facility secured across the two properties at 0.2% per month.
To give the client enough time to complete the sale, we structured the loan over 24 months without exit charges. We then arranged a long-term fixed rate once the deal was complete.
The natural beauty of the countryside has always appealed to buyers. Moreover, the ever-increasing movement toward working from home has solidified the demand for such properties.
Still, with the addition of an extra bedroom or outdoor space, their appeal has increased even further. Making countryside property a much more lucrative and attractive option to several buyers, which lenders are more than happy to facilitate.
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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