Loan amount: £380k
Our client, a man in his late sixties wished to move closer to his family on in Edinburgh. He had an offer accepted on a house near Aberdeen, but due to the discovery of rising damp at the property, the buyer pulled out. This left him with a significant risk of losing the onward purchase as the vendors were anxious to sell and were not prepared to wait for him to re-market his property.
With completion being requested within 14 days, we were able to use his existing residence as the security for a bridging loan. The lenders valuer approved the property subject to a damp coursing treatment being arranged in place prior to completion. The funds were then available for drawdown within 10 days. The client was able to secure his move to his new property and simply paid the loan back once the current property was sold.
To discuss your individual situation and find out how we can help with your specialist finance needs, call our Specialist Lending Department on 01249 474 956.