Loan amount: £75k
An existing client made contact with us when they were looking to purchase a house in Copenhagen. He had family in Denmark and had recently secured a transfer with his employer who had a base in the Danish capital. He had found a property on the outskirts of the city and had put down a substantially large deposit.
Their intention was to sell their existing property in Stoke-on-Trent in order to purchase their new home prior to them emigrating, and short term renting in the interim period. However, so that he did not lose his new property he was required to pay the remaining £75k as soon as possible.
In effect this meant that the client either had to obtain a second charge loan or refinance his entire property in order to find the additional funds required.
Looking at all the available options and taking all the circumstances into account, we decided that due to the very timescale that the funds were actually needed for, that a second charge loan would be the best option for them, as refinancing the entire property would be a more expensive long term option.
With the remaining figure paid off and the Copenhagen property purchased they were able to begin to make their move abroad whilst the Stoke-on-Trent property continued to market and was eventually sold, thereby repaying the loan.
To discuss your individual situation and find out how we can help with your bridging finance needs, call our Specialist Lending Department on 01249 474956.