- Product Type: Regulated Bridging Finance (2nd Charge)
- Location: Essex
- Loan amount: £100,205
- Term/LTV: 12 months and 50% LTV
The Scenario – Urgent Funding for Home Improvements
Our client needed urgent funds to carry out home improvements to ensure it was ready for a summer sale. Time was of the essence, as the goal was to have the house on the market within a few months.
The Challenge – Overcoming Income and Credit Constraints
The primary challenge was that the client's income wouldn't support additional borrowing with her first charge mortgage lender, making a second charge bridging loan the only viable option to quickly release the necessary funds. Complicating matters further, the client had a history of credit issues and was in the process of liquidating her limited company, adding another layer of complexity to securing the loan.
Our Solution – Securing a 2nd Charge Bridging Loan
After extensive research and negotiations with various lenders, and despite the ever-changing client requirements, we were able to secure a second charge bridging loan on this unique property. The situation was particularly challenging due to the client’s credit history and tight deadline, but we successfully completed the transaction with just one day to spare. This timely completion prevented our client from incurring significant additional costs and allowed her to proceed with her plans to improve and sell her property.
