Loan amount: £365k
We were contacted by a client, a gentleman in his late-sixties, who was looking to move closer to his family in the seaside town of Bude in Cornwall. He had an offer accepted on a property he was wishing to purchase near Summerleaze beach in the town – an attractive and very competitive area, but due to the discovery of Japanese knotweed on his existing property which he was selling to fund the move and new purchase, his buyer withdrew from the purchase at the last minute. This put his purchase in Bude at great risk as the vendors were keen to sell as quickly as possible and were therefore not willing to wait for him to remarket the property again, and completion was being demanded within 3 weeks.
Not knowing what to do, and having used us themselves in the past, the client’s children recommended that he speak to one of our Specialist Lending advisers. Following a fact find of the client’s situation we were able to use their existing residence as security for a bridging loan to purchase the property in Bude.
The lenders valuer approved the property subject to an approved knotweed treatment being in place prior to completion. With this condition satisfied the funds were available for drawdown within 10 days enabling the client to purchase the new property outright as a cash buyer. The client was delighted and the move took place as originally planned. He then relisted his property for sale following the treatment and simply paid the loan back once it had sold.
This case study shows one of the many varied uses for bridging and specialist finance. If you are in a similar position or believe you may have run out of options with your property finance requirements then please do not hesitate in contacting us today. Find out more about our specialist finance and bridging loan services.