£2.35M bridge to buy new home plus rental property while awaiting sale of Sussex country house

£2M-plus bridge to buy new home plus rental property while awaiting sale of Sussex country house

Area
East Sussex
Capital Raised
£2.35M

A multi-million-pound rural property often takes a while to find the right buyer. Sellers who don’t want a long period of uncertainty, followed by a rushed move into a rental property, often consider bridge finance a very worthwhile investment.

The Scenario

Our client is an actor / producer who owned a showcase six-bedroom country property with sweeping views over the South Downs, which she had substantially remodelled over the 10 years she’d owned it.

Now she and her partner had found the home that would tempt them to move: a Grade II-listed timber-framed and thatched roof house in West Sussex that would be their next project. There was scope for renovations, and conversion of an outbuilding

How to fund the purchase and building works, and where would they live in the meantime?

Moving out of such a sizeable property was never going to be an easy downsize, and they didn’t want to consider renting. Another property in the same village where they hoped to purchase was on the market, which would be their perfect stepping-stone: close by to supervise building works, and it would be a good rental property after they moved out.

The Solution

Our client was very willing to consider bridge finance as the means of holding three properties at one time. The seller of the historic house she was buying had been willing to give a discount to “the right buyer”.

£2.05M of her projected borrowing would cover the purchase of both the houses they wanted, with another £300K to pay for building works.

We secured the borrowing over all three properties, to reduce the overall LTV and interest rate, and secured the loan at a competitive rate of 0.55%, with no ERC after the first month. The total lending would be repaid by the sale of their original home, leaving no charges remaining on the two properties retained.

The property to be sold was already being soft-marketed by an agent, and almost as soon as the bridge finance was in place a sale was agreed, meaning our client will probably only need to make use of the bridging loan facility for a couple of months.  

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

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George Abouzolof

Finance Broker

Bristol

0117 403 3444

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Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you 

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Fergus Allen

Finance Broker

Cardiff

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you 

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Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you

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Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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I have extensive experience finding residential and investment property finance for UK and international clients. Book a free telephone consultation with me at a time to suit you.

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you 

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Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

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Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements. customDatabaseField-8455

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