Bridging finance to get a coastal property chain moving

Area
Hove
Capital Raised
£150K

It’s pretty simple: if you’re buying in a coastal town, a sea view is near the top of your priority list. These buyers just needed to get finance in place to rescue a property purchase they were in danger of losing.

The Scenario

Our clients were a teacher and an ex mortgage broker. (It’s always satisfying to produce a deal that impresses someone who used to be in the business.)

They were downsizing from their seafront apartment in Hove and moving along the coast to a flat in Eastbourne - in a premium position with similarly unbeatable views.

They already had a mortgage lined up for the property they were buying (as you’d expect!). But their own apartment just wasn’t selling. Their vendor had lost patience and put the flat they wanted back on the market.

The Solution

Knowing this stretch of the coast well, and with the market slowing pre-Christmas, our clients knew that they didn’t want to lose this property.

With bridging finance rates still hovering around an all-time low they were happy to consider using perhaps £20K of the equity they’d built up in a home they’d owned for nine years, which was now valued at £900K.

They still had a £300K mortgage outstanding, so to avoid the more expensive rates of a second charge against the apartment they were selling, we secured their bridge against the value of the property they were buying. 

The process involved us liaising closely with the vendor’s agents to re-establish confidence that the sale would be completed.

Our clients got the home they’ve set their hearts on, and a breathing space to sell their apartment in a couple of months when the market picks up.

 

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Have a similar situation? I'm a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

Luther Yeates

Finance Broker

Bristol

0117 244 5561

Have a similar situation? I am a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

James Palmer

Senior Associate

London

0203 900 4322

Have a similar situation? I specialize in development and commercial finance and can provide creative solutions for your property funding requirements.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Have a similar situation? I specialize in bridging finance and can provide creative solutions for your property funding requirements.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Require mortgage or short term finance for residential or buy to let property (including HMOs and limited companies)? I have extensive experience on providing property finance solutions for UK and International clients.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Are you in a similar situation? I have extensive experience in advising clients on providing creative property finance solutions. I look forward to hearing from you.

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