Area: Milton Keynes
Loan amount: £865k
Our client, an IFA (Independent Financial Adviser) that we work with regularly, contacted us to introduce us to a client of theirs who had found a property to buy situated opposite their current residence in the Milton Keynes satellite town of Stony Stratford.
As the area is incredibly desirable and properties for sale there are rare due to the longevity of the towns population, the ability to move quickly and secure the purchase was key. At the time of the intended purchase however, the client was still yet to sell their property, thereby meaning they had no available funds to progress with the purchase. Though the funds were available in an investment portfolio they possessed, they wished to keep this intact and therefore not draw down on them. Rather preferring for the funding to come from their existing residential property when it sold.
Their IFA recommended One 77’s Specialist Lending team, with whom they had worked with in the past, and assured the client that we 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.