![Bridge Finance Solution To Secure A Property In Need Of Major Renovation Bridge Finance Solution To Secure A Property In Need Of Major Renovation](/cliftonpf-co-uk/_img/Fast-&-Trouble-Shooting-Bridging-Loan-To-Secure-New-Home-In-Need-Of-Renovation.jpg)
Fast & Trouble Shooting Bridging Loan To Secure New Home In Need Of Renovation
What do you do when your mortgage application on a new property is declined at the last minute due to the level of renovation required, there is pressure to complete, and you may lose out on the home you’ve set your heart on?
Bridging finance can often facilitate a solution when a property is deemed unmortgageable. Our client proceeded with the purchase giving them time to renovate the new property before taking out a standard mortgage.
The Scenario
Our clients had found a smallholding farm property that they planned to renovate and make their home and a place to work from. They came to us after their mortgage application was refused at the last minute, in light of a surveyor’s report, which drew attention to the scale of renovation required for the new property, which was more than the lender felt comfortable with.
The critical issue was our client's pressure from the seller, who was in a hurry to complete. Finding a new and more favourable lender would be possible, but starting a new product application from scratch would take the time they didn’t have. And in all probability, a second professional survey would be required, which might throw up the same issues.
Our client needed a quick financial solution so they did not waste further time and resources and lose out on the property.
The Solution
After discussions with our client, we were able to present them with the option to raise a second charge loan secured on their current property valued at £800,000. This would take the form of a bridging loan with no early repayment charges from a lender whom we had considerable experience with and were in a solid position to get the case through on time.
The only valuation needed now was on the client’s current residential property, which was excellent. The short term bridge finance would give them the ability to renovate the new property before moving in. The bridging loan would then be refinanced on their current property as a buy to let once they had moved out.
Through proactive communication between all parties on behalf of our client, we quickly facilitated the finance so that the purchase could go ahead and our client’s plans came to fruition.
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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Cardiff
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