Super-Fast Bridging Loan For Client With Bad Credit Rating Relocating to Budapest

Area
Guildford
Capital Raised
£60K

Very few of our clients have straightforward financial situations, and that means traditional high-street lenders often won’t work with them. We deal with people, rather than numbers on a page, and we have the contacts to put together bespoke solutions.

The Scenario

Our client was up against a wall. He had decided to relocate to Hungary with his family to make a fresh start, and was selling his assets. The family home in Guildford was on the market, and the removalists were arriving in a month.

But in the meantime the house wasn’t selling, his buy-to-let property was mid-way through a renovation, and he had lost his job.

He missed a mortgage payment, and that adverse credit-rating made high-street lenders unwilling to help him. By the time he came to us he had already approached another mortgage broker who unfortunately put his application to a lender we know has very conservative lending criteria.

His options were looking limited: another mortgage payment was imminent, and he didn’t have the funds to cover the normal set-up costs of a bridging loan.

The Solution

Fortunately, we have relationships with specialist lenders, and one private lender in particular had expressed a willingness to work with clients with “colourful” credit histories. They focus solely on the value of assets, and as a small family firm are prepared to take a view and make a decision quickly, without the necessity of referring to a credit committee.

We arranged for the costs of the mortgage payments to be rolled into the total loan, plus interest fees, conveyancing costs and part of our brokerage fee. The only remaining costs the client had to find upfront were the valuation cost, and the “undertaking” fee to the solicitors.

Our lender was satisfied with the value of the property in Surrey and was able to give us a decision straight away, on the phone. The paperwork was completed in two days. Our client was transformed from an anxious borrower to a “Wish-you-were-here” postcard from Budapest.

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.

Mathew Phillips

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.

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.

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. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

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.

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.

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