Client: Works required between exchange and completion
Property Value: £525,000
Loan Amount: £75,000
We were approached by a client that required a bridging loan on a property in Wiltshire that they agreed to purchase as they were downsizing and wanted a smaller property. There was a chain of buyers and the process had slowed down, the new property was in need of some modernisation and he had agreed with the buyer (his ex-wife) that the work could take place enabling him to carry out the works before moving in reducing the disruption on moving in day.
Through our excellent relationships with bridging lenders, we were able to arrange the loan through a lender who was able to meet the borrower’s request. The lender was also able to offer a 1st charge secured against his current property enabling the work to start before the completion date.
We were able to broker a total facility of £75,000 with a monthly interest rate 1.09% per month.
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