£200k Bridging Loan to Secure New Home in Glasgow

£200k Bridging Loan to Secure New Home in Glasgow

Area
Glasgow
Capital Raised
£200k

What do you do when the buyer for your property falls through and you’ve already made an offer on a new house?

This case is an excellent example of using a bridging loan to solve the problem.

The Scenario

Our clients approached us, having committed to buying a new family home in Glasgow.

They’d initially planned to fund the move with the sale of their existing property but had been let down by several prospective buyers who had pulled the plug on their offers.

It had forced our clients into a situation where they needed to buy their new home before their current property had sold.

And they weren't able to get a conventional mortgage on the new property for the following reasons:

  • They didn’t have the annual income to qualify for affordability on a standard mortgage that would cover the full property value
  • They only needed finance for 12 months until their existing property sold

They needed specialist finance, and as they were purchasing in Scotland, there was also a reduced lending pool available to them.

The Solution

We managed to find a lender who could offer a 12-month bridging loan to our clients with no early redemption charges (ERCs) at a very competitive rate.

It allowed them to qualify for their lending capacity with the value of their capital assets instead of personal income.

And they had plenty of time to sell their property for its actual value, not having to drop the price for a quick sale.

In addition, having no ERCs on the loan meant there would be no charges to pay when they exited the bridge early upon the sale of their current property.

And we also encouraged the lender to use an online valuation for the new property so that only one physical valuation was needed, keeping costs and time to a minimum for our clients.

But most importantly, the bridging loan secured the property that they’d set their hopes on and that they’d already begun to envisage as their long term family home - and they could relax throughout the sale process of their old home with peace of mind.

 

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

Are you looking for a similar type of property finance?

Get in touch today and find out how I can help.

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George Abouzolof

Finance Broker

Bristol

0117 403 3444

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you 

book a telephone appointment with one of our brokers today

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Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

Are you in need of a similar type of property finance?

Book a free telephone consultation with one of our bridging specialists today and see how we can help you.

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

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

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 

  Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

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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.

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

 Book a free telephone consultation with me at a time to suit you, clifton private finance

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

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 

Free telephone consultation service, Clifton Private Finance

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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

 Book a free telephone consultation with me at a time to suit you, clifton private finance

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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.

Book a telephone consultation at a time that suits you:

telephone consultation service, Clifton Private Finance

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance?

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.

 Book a free telephone consultation with me at a time to suit you, clifton private finance

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar?

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 

 Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

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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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