Bridging Loan For House In North London
The Scenario:
The client had found themselves in a difficult position – owing 500k to a money lender after financing their bankruptcy order a few years ago.
This facility was coming up towards the redemption deadline, after which the interest payable on this lending would incline sharply. This bankruptcy was brought about initially following a serious accident for the client, leaving them with multiple physical ailments that required extensive medical treatments over the years. Their finances had spiraled downwards as time has gone on, and the client was looking to sell their property to redeem the bankruptcy lending and be left with the remaining equity to go and move elsewhere.
The issue here was that the client was mid-way through quite an extensive refurbishment of the property, which was necessary to complete before being able to market it for sale. The clients finances were not in a state where it was possible to complete these works without additional lending, and their status made it so not all lending options would be open to them. Additionally with the deadline approaching for the 500k to be repaid before incurring large additional costs, time was of the essence.
The Solution:
We sourced a specialist bridging lender who was able to work with the desired Loan-to-Value needed so as to redeem the 500k charge and fund the additional works required to get the property finished and saleable.
We had to ensure that the lender was comfortable with; the client’s credit history, the purpose for the main portion of the loan, and the relatively heavy works that needed to be done to the property.
This short term bridging loan product was ideal for the client’s scenario, allowing the flexibility to permit works to the security, and then the ability to redeem in a matter of months as soon as the property was sold.
Additionally this form of finance can be turned around quickly, which was of the utmost importance here.
Simon Mullins
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
Paige Dumpleton
Finance Broker CeMAP
Cardiff
0117 959 5094
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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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