Loan amount: £225k
A new client was in the middle of a full renovation of his main residence in the city of Norwich. The bathroom and kitchen had been ripped out, thereby making it completely uninhabitable. In order to fund the project to completion he had visited his bank for a further advance on his existing mortgage, but due to the current state of the property they would not agree to any.
With no options available left from the high street, he approached One 77’s Specialist Lending Department. We were able to secure the funding for him to finish the work by offering a short term lend that sat behind his existing mortgage charge. Once the work on the renovation was completed and the property was habitable again we simply remortgaged the client out with a high street lender, therefore repaying his loan.
To discuss your individual situation and find out how we can help with your second charge bridging finance needs, call our Specialist Lending Department on 01249 474956.