Quick Bridging Loan Secures Completion of Self-Build

Quick Bridging Loan Secures Completion of Self-Build

Area
Lincoln
Capital Raised
£200k

The Scenario

Our clients were in the final stages of building their forever home - a detached property just south of Lincoln.

However, they had run out of funds before the project could be completed – a fairly common challenge that first-time developers come up against.

  • The property was a detached new-build residential home.
  • With a current value of £550,000
  • And a projected value upon completion of £800,000
  • The clients required funding for finishing touches to complete the build
  • With their exit strategy being to refinance with a standard, residential remortgage

This case presented a few challenges commonly seen with bridging finance for self-builds:

As is often the case with development projects, time was tight. The clients needed funds within a month to continue the build without delays.

As the house was not yet wind and watertight, many lenders would classify this as a development loan, attracting higher interest rates. This is best avoided if at all possible.

The nature of the project also required a lender comfortable with self-build scenarios specifically, reducing the lending pool and making the options potentially less competitive.

The Solution

Our team quickly assessed the situation and started by approaching lenders specialising in self-build and renovation projects – those that we knew could work fast to clear funds within our clients’ 30-day deadline.

By clearly highlighting the property’s potential value upon completion and the client’s sound exit strategy, we were able to position ourselves in a stronger position for negotiations.

We eventually secured funding within the timeframe, and without needing to settle for a higher development finance rate – instead qualifying for a standard bridging rate thanks to the way in which we packaged the application.

A development project can easily spiral out of control, both in terms of costs and time delays, so staying proactive and on top of funding is essential and makes bridging finance so valuable.

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.

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Paige Dumpleton

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.

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Jonathan Moffatt

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Cardiff

0203 880 8890

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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Scott Dutfield

Finance Broker

Cardiff

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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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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

Finance Broker

Cardiff

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Louis Levine

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Sam Baker

Finance Broker

Cardiff

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Fergus Allen

Senior Finance Broker

Cardiff

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Jacob Phipps

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Bristol

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

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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. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

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Alex Chambers

Senior Private Client Adviser

Bristol

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Luther Yeates

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Bristol

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Sam ONeill

Senior Finance Broker

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