Loan amount: £150k
Our client had won a property at auction which he intended to renovate and sell on. He needed to complete within 28 days and he had no cash available to put into the deal. In order to complete the loan we used one of his investment properties as additional security, this meant the overall loan to value of the deal could be reduced and we would effectively fund the purchase to 100%. This meant the client could hold back the funds he needed to complete the renovation. Once this was done, he marketed the property – sold at a profit and redeemed our loan.
To discuss your individual situation and find out how we can help with your bridging finance needs, call our Specialist Lending Department on 0800 098 7177.