Bridging loan to finance a second home in London
25TH JAN 2022
BRIDGING CASE EXAMPLE
We recently helped a client purchase a home before they had released funds from the sale of their buy to let property.
The client’s scenario
This client was looking to purchase a second home in London. The long-term plan was for a member of her family to live in the two-bedroom property. The client needed to proceed quickly and required a bridging loan to secure the deal. She planned to finance the purchase of the London home by drawing funds from investments and selling a buy to let property.
We were able to consider the client’s high net worth status in order to offer a loan of more than 60% LTV.
Commenting on the case, our Lending Specialist Will Edwards said, “This was a relatively straightforward case and we worked closely with the intermediary to meet the client’s deadline. We were able to consider the client’s high net worth status in order to offer a loan of more than 60% LTV.”
We were happy to provide a regulated bridging loan for 12 months. This solution met the client’s needs as follows:
• Over 60% LTV
• Loan of approximately £1m
Here’s what the intermediary had to say
On receipt of the offer the intermediary who placed the case, Darren Johncock from HFMC Wealth Partners, was delighted with the outcome. He said “MHBS went over and beyond the normal to agree the funding and we completed on the deadline. The underwriter, Marcus, was brilliant throughout the whole process, going the extra mile to help secure funding.”
Article details are correct as at 25 January 2022. Pricing is tailored to your clients’ individual circumstances.