Bridging Loan For Clients Relocating From Bournemouth To Germany

Area
Bournemouth
Capital Raised
£200K

The Scenario

Our clients were a couple who owned a home and a rental property in Bournemouth were planning to move to a property in Hofen, Germany where the wife’s parents lived.

Their two properties in Bournemouth, both had outstanding mortgages of £95K for the buy-to-let flat, and £135K for the family house. They had found a house they wanted to buy in Hofen which was conveniently close to their family, with a market value price of €223K (£200k).

It left them in what seemed to be a cemented situation, as without their mortgage arrears being cleared, a high-street lender was not willing to offer a loan, or re-mortgage either property.

Both of their properties on the market, but they didn’t have any firm offers in hand, and they discovered that the German property market moves quickly so they were at a risk of losing the home they were smitten with.

The Solution

Our clients needed a bridging loan to tide them over in the gap between buying one house, and selling the other two.

We contacted a lender that we work closely with and arranged a second-charge regulated bridging loan on their home in Bournemouth, for the maximum 70% Loan-to-value which gave them the full amount of £200K that they needed to proceed with their purchase and buy the property in Hofen mortgage-free

The upfront fees were just £500, with other costs rolled into the bridging loan.

Whilst we were arranging the transaction, in order to get it completed in the time frame our clients were working with, we contracted their UK bank to get their consent on the financing agreement.  This helped to speed up the process, concluding in our clients being able to relocate to the house they desired.

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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