Loan amount: £810k
We were contacted by a client, who lived in London but also owned a Buy-to-Let property in Hemel Hempstead, and were looking to purchase another. Having found another potential Buy-To-Let property in the market town of Tring in Hertfordshire, they required the finances to purchase the building quickly as they were aware that there had been a lot of interest in it, and feared losing out.
At first the client was going to sell their London home to fund the purchase and renovation. However, following a period of very little market interest they approached their high street bank for alternative funding solutions for the purchase and renovation. Sadly their bank were unwilling to provide the funding required at such short notice with such complex income streams needing to be taken into account.
Fearing the worst case scenario they contacted One 77’s Specialist Lending department. Following a fact find of the entire situation we acted quickly to ensure they were able to secure the property in Tring by raising the £810k required for the entire project by way of a bridging loan secured against their existing properties with a low rate of interest. In addition, our services were provided completely free of charge.
Because bridging finance was used and the funds were immediately available for draw down, the client did not need to wait for the sale of their current home and they were able to complete the purchase and instruct the renovation work quicker than they had originally anticipated.
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.