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Downsizing Bridging Loan for a Grade 2 Listed Property

£1.5M Lymm

Downsizing from a high-value property can be a complex task. Finding a buyer for unique, bespoke homes can be time-consuming. Imagine discovering your dream downsized property while your current home remains unsold. In such a situation, a bridging loan can be the key to a seamless transition. Let's explore how we made it happen for our client.

The Scenario

Following the loss of her partner, our client found herself living alone in a spacious £1.5M property. Recognising the need to downsize, she stumbled upon the perfect £1.3M Grade 2 listed property in the picturesque village of Lymm. With no mortgage on her current property, it seemed like an ideal opportunity for a quick move. However, the sellers of the new property were eager for a swift sale and faced high demand from other buyers. Our client was left with two choices:

  1. Reduce her property's asking price, hoping for a speedy sale.
  2. Opt for a bridging loan to bridge the financial gap.

Reducing the £1.5M asking price by a mere 5% would cost her £75,000, with no guarantee of a quick sale. Therefore, she chose a large bridging loan route, needing to borrow the full £1.3M purchase price, along with an additional £50,000 to cover stamp duty tax, all within a tight timeframe.

The Solution

Our mission was clear: find a lender capable of accommodating our client's substantial loan request and ensure a smooth process within an estimated 8-week timeline. Throughout the journey, we kept our client informed and at ease, ensuring she understood each stage of the process.

We assured her that the Grade 2 listed status of the new property wouldn't pose an issue. Her exit strategy didn't depend on remortgaging or selling the property. By opting for a bridging loan, she gained the flexibility to wait for the full market value of her current property rather than hastily lowering the price to expedite the sale.

This successful case underscores the invaluable role of an experienced broker in facilitating seamless transactions, especially when dealing with time-sensitive matters and substantial sums. We pride ourselves on delivering effective solutions, and this case is a testament to our commitment to clients like you.

If you're in a similar situation, where you need a tailored financial solution, don't hesitate to reach out to us. At Bridging Loans Direct, we're here to make your property transition a breeze.

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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.

  • Upsizing
  • Downsizing
  • New Build
  • Investment
  • Refinancing
  • Renovation
  • Commercial
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