Area: Hemel Hempstead, Hertfordshire
Loan amount: £430k
We were contacted by our clients who owned an end of terrace property in Berkhamstead in Hertfordshire worth £400,000 that they were looking to sell.
They had already found the property they were wishing to buy in the nearby market town of Hemel Hempstead, which was well within their budget and they had an offer on the Berkhamstead property which they had accepted.
Unfortunately however, the client’s buyer withdrew from the sale at the last minute, leaving our client potentially being subject to a break in their chain. The reult of this meant they could not progress with the offer on their new house. As they had searched for properties for sometime in this deisrable area they feared that the house would be sold to another buyer – therefore losing out.
They contacted One 77’s Specialist Lending department who were quick to react to ensure that the Berkhamsted property remained our clients assuring the sale to go ahead by arranging short-term finance by securing a bridging loan against both their existing Berkhamsted residential home and the property in Hemel Hempstead they wished to buy. The funds were received quickly and they were able to progress with the purchase of their new home, whilst returning their existing property back to market. They completed the purchase of the new property just over 3 weeks later.
Being let down by your buyer can be a devastating situation for many people looking to move house. Thankfully, by arranging bridging finance we can ensure that a formal offer letter on a new property can be produced in as short a time as 3 working days, allowing you time to remarket whilst a new buyer is sought. Should however things take longer, then we are always on hand to arrange any refinancing should things not progress as quickly as you would like.
Have you been in a similar position? Are you seeking bridging finance to help secure your purchase? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.