Area: Canterbury, Kent
Loan amount: £865k
We were contacted by an IFA (Independent Financial Adviser) that we work with regularly introducing us to a client of theirs who had found the perfect property to buy, situated opposite their current residence in the cathedral city of Canterbury.
As the area was incredibly desirable, the ability to move quickly on the purchase was key. At he time of the intended purchase however, the client was yet to sell their property, thereby allowing them no available funds to progress with the purchase. Though they did have cash available in their investment portfolio, they did not wish to draw down on these and would prefer for the funding to come from their existing property when it sold.
The IFA recommended One 77’s Specialist Lending department who they assured the client would be able to look into and source alternative ways of funding the purchase.
Following a fact find of their current scenario we were able to arrange a bridging loan at a market leading rate secured against the new purchase, and their current residence. This meant that the client could fund the purchase fully and make no monthly payments until the loan was to be settled upon the sale of their existing home. They also did not have to touch their investment portfolio.
Do you require bridging or specialist finance solutions? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.