Area: Harrow, North London
Loan amount: £945k
A client was introduced to One 77’s Specialist Lending department by their Independent Financial Adviser (IFA). They had found their perfect next property situated a short distance from their current residence in the suburban town of Harrow in North West London.
As with all areas in the Greater London region, Harrow was an incredibly desirable area for homeowners and developers alike, and therefore being able to complete and move quickly was key. Unfortunately, the client was yet to sell their current residential property in order to fund the new purchase – a home they were determined to secure. At present the only option they saw open to them was to draw cash on an investment portfolio they possessed, however they were reluctant to do this as their last resort.
Taking advice from their IFA, they contacted One 77’s Specialist Lending Department to find an alternative way of funding their house move.
Following a fact find of the client’s circumstances we were able to arrange a bridging loan at a market leading rate, secured against the new purchase and their current residence. In effect this meant that the client could fund the purchase in full with no monthly payments, thereby avoiding the need to touch their investment portfolio. They were then simply able to repay the borrowing when they sold their property.
Do you require long or short term bridging finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.