Getting a bridging loan to fund a house purchase while waiting for an existing property to sell is one of the most common uses of bridging loans that we see day-to-day.
However, bridging loan providers were anxious about the equestrian facilities.
It could significantly delay the sale of their existing home, meaning they wouldn’t have the funds to repay the bridge on time.
The value of the bridging loan was also high at £2.85m, and so their bridging lender required surplus evidence that they’d be able to secure a mortgage on the new property after their sale had gone through.
The new home also threw up its own complications – it was a high acreage property (over 30 acres) which can be an issue for high street lenders, and the bridging lender knew this.
Success. Our clients were able to buy the new home at a cheaper price with their bridging loan because they were technically in a cash buyer position and didn’t have to wait for the chain to complete.
Once their existing property sold, we were there to help secure the longer term finance for their property and repay the bridge.
But this was a complicated mortgage application too.
Our mortgage adviser liaised with the clients and the mortgage lender to ensure they understood the potential of the company, their growth strategy and the sustainability of the company’s operations.
The mortgage we secured for our clients was:
A mortgage rate that our clients were extremely pleased with!
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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