Express travel on a bridge to France: short term finance completes urgent purchase

Bridging finance can be implemented quickly to complete a property purchase and avoid losing a deposit. And sometimes we can make it happen quickly…

The Scenario

Our clients were off to live the dream. Their £1.5M home in Tunbridge Wells was on the market, and they’d found the house in France that would be the centre of their new life. They had a DIP on a mortgage, their offer was accepted, and they’d put down a £75K deposit. They had locked in their currency transfer rate for the completion balance.

But… was it Brexit, was it the pre-Christmas market slowdown: their house in Kent hadn’t sold.

They came to us with a completion deadline looming in 3 weeks. They needed to get a bridge in place quickly, or they stood to lose their dream home and deposit. And under French law, they would also be sued for the vendor’s costs: £100K was at stake.

The Solution

Our clients had just £6K outstanding on their current mortgage: we advised them to pay it off immediately so we could arrange a first charge bridge loan for them (rather than a more costly second charge loan). But their lender delayed sending out the redemption statement and lost some vital days.

With a lot of pushing, we managed to get the funds released in the nick of time: our clients received payment in the UK on Monday, so they were cleared through to their currency broker on Tuesday, in time for them to travel to France to sign their completion on Thursday.

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