Bridging loan for 75 year old retiree to fund buy to let property refurbishment - Clifton Private Finance

Bridging loan for 75 year old retiree to fund buy to let property refurbishment

Area
Newcastle
Capital Raised
£85k

The Scenario:

Our client was a 75-year-old retiree in Newcastle who was planning to purchase a residential property for £195k with the intention to rent it out to provide an additional income to supplement his pension. 

The property needed heavy refurbishment, including front and rear extensions and a new kitchen and bathroom. This, combined with the retiree’s age, meant he was unable to get a mortgage. He already had his plans approved in principal but did not have full planning permission. 

Once complete, the property was projected to be worth £250k with a monthly rental income of £1,100.

Our client had £160k in savings and a total pension income of £16k a year. He needed to raise £85k to have enough money to complete the purchase and carry out the required refurbishment works. 

Our Solution: 

He approached Clifton Private Finance and we quickly found him a solution. We arranged a bridging loan for the full £85k with a specialist lender at an attractive rate of interest. This gave our client the money he needed to complete the purchase and carry out the required building work. 

The bridging loan had a loan term of 9 months, giving the client plenty of time to finish the refurbishment. We also arranged for a buy to let (BTL) mortgage with a different lender to be put into place once the refurbishment was complete, allowing the client to repay the bridging loan. 

The BTL mortgage was offered at low rate of interest, meaning the rental income on the property will be enough to cover the mortgage repayments and provide a monthly income for the client.

Are you in a similar position? To investigate your finance options call our team on 0117 959 5094 or fill in our call back form.

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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