Quick loan to help buy a dream home next door
Bridging Finance Case Study
Why a bridging loan was vital in securing the Smiths’ Surrey dream home
When the house next door went on the market, members Colin and Jo knew they needed to act fast to secure their dream home. Located in a desirable area of Surrey, the purchase price was £1.25 million. As Colin and Jo already had a £300,000 mortgage arranged for the purchase with another lender, they needed a fast and flexible short-term bridging loan to release the additional funds required to buy the property.
How we could help
We took into consideration the couple’s complex financial situation.
Firstly, our customers secured their short-term loan against a holiday let property they owned in the South East, worth £1.95 million.
We agreed a repayment plan which was unusual; it involved the sale of shares in their family business over a two year period to help them plan for any tax and legal implications.
We arranged a total loan of £1 million with the interest rolled up for two years at a 52% loan to value ratio (LTV). As the interest wasn’t payable until the end of the loan term or upon early repayment of the loan, Colin and Jo did not need to make any monthly payments.
Together we can bridge the gap to your dream home
This is just one example where we’ve helped many members like you, secure their dream home. Our knowledgeable team assessed the customers’ situation, creating a bespoke agreement to meet their needs. We approved the loan quickly and efficiently so they could purchase their property within realistic timescales.
“I have to say I was most impressed with all of your colleagues and you in the way I was treated, please pass on my thanks to all involved.” Colin Smith
Your home may be repossessed if you do not keep up repayments on your mortgage.
To find out more about our range of mortgages and bridging loans, contact our Mortgage Team on 01858 412610.
Our knowledgeable team assessed the customers’ situation, creating a bespoke agreement to meet their needs.