£950k Bridging Loan to Fund Multiple Renovation Projects

One of the most significant benefits of bridging finance is the access it provides to capital tied up in your property.

There is no other finance option that provides the speed and flexibility a bridging loan can, at low rates, and up to such high loan sizes.

The Scenario

Our client came to us in the process of selling their £2m family home.

Being a large and unique property they were anticipating a slow sale. However, they needed funds quickly, and being in the midst of a temporary market slump didn't want to drop their asking price to force a sale.

Instead, they decided to explore the option of bridging finance.

They were looking to:

• Fund the renovation of their second home, which they were planning to move into upon their main home's sale

• And fund the renovations of a buy to let and multiple rental lodges they owned

The Solution

Once our broker had a strong understanding of the renovation works they had planned and discussed optimal loan-to-value ratios with our client, they eventually opted to raise a total of £950k against their properties.

This would comfortably fund the renovations of their BTL property and lodges to optimise their income generation, and ensure their second home was up to the family's standard for moving into.

Bridging loan lenders don't generally have an issue with using funds for multiple properties and purposes: as long as they have a solid understanding of the destination of the funds, they can be flexible on use. This is where a broker can step in to smooth the transaction and package an application in the right way.

After comparing rates across handful of lenders our broker knew would offer the best terms, we managed to get funds secured for the client in a matter of weeks, and at the lowest interest rate available on the market.