Bridging Loan On Property In Hull To Raise Funds For A Deposit To Buy House In Spain

The Scenario:

CPF was approached by a client committed to purchasing their new residential property in Benidorm, Spain.

The client had put a deposit down and had committed to an exchange date of 10 working days. If the client could not meet the deadline, they were liable to lose out on the property and their deposit. 

Our solution:

Speed was the driving force behind this loan; therefore, our skills were put to the test from the outset. We looked to raise the £50,000 shortfall from her residential property with the bridging loan exit strategy being a sale. Having originally been given a valuation date of 4 days, we could renegotiate to get a surveyor the next day and the report back the following day. In addition, we sourced the client a loan, allowing the option of joint legal representation. This meant they used the same solicitor as the lender, saving the client time and money. 

The deal was completed on time, and the client could complete the transaction. Allowing them to move abroad and repay the bridging loan when their residential property is sold.

All of this was arranged in just 10 working days.

In a similar situation? Call our bridging loan team on 0117 959 5094 or use our bridging loan calculator to get an indicative quote