Loan amount: £630k
We were contacted by a client, who lived in Bristol but also owned a Buy-to-Let property in Frome, and was looking to purchase another fairly close by. Having found another potential Buy-To-Let property in the cathedral city of Hereford, they required the finances to purchase the building quickly as they were aware that there had been a lot of interest from other potential buyers, and feared potentially losing out.
Initially the client was looking to sell their Bristol home to fund the purchase and renovation. However, following a period of 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 given that the overall picture was a complex one with the different income streams involved.
In fear that they would lose out on the property in Hereford the client contacted One 77’s Specialist Lending department for advice. We spoke with the client and obtained information on all the factors involved. We were then able to act quickly by approaching a range of specialist lenders and were able to raise the £630k which was required to complete the entire project by way of a bridging loan secured against their existing properties with a low rate of interest. This enabled the client to secure the Hereford property. We were able to offer this service completely free of charge.
As bridging finance was used to acquire the funds, the money was available to draw down immediately, meaning the client did not need to wait for the sale of their current home and were able to complete the purchase and instruct the renovation work required 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.