Bridging Loan For House In North London

Bridging Loan For House In North London

Area
North London
Capital Raised
£500K

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.

Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance? I specialize in helping international clients source residential and investment property finance for UK property. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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