- Product Type: Regulated Bridging Finance
- Location: Nottingham
- Loan amount: £336,000
- Term/LTGDV: 12 month term and LTGDV of 66%
The Scenario – How to purchase a new main residence in need of complete renovation? With a Residential Bridging Loan
Our client was purchasing a new family home and had not sold his current residence. His father was gifting him the deposit but he needed a loan to cover the rest of the purchase costs.
The property being purchased was in need of complete renovation and therefore was not mortgageable in it’s current state.
The Challenge
Our client has previously secured a Bridging loan with a lender but the lender withdrew their offer immediately prior to exchange of contracts, leaving the client in a tricky situation. The client needed to arrange the funding very quickly to ensure the purchase remained on track.
Our Solution – New Funding at a Lower Rate than Before
Despite the initial set back with the original lender, we were able to secure funding quickly and at an even lower rate for our client following our updated search of the whole market.
This allowed the client to complete the purchase and commence the work required on his new family home.
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