Fast Re-Bridge to Complete Loft Conversion Before Sale
Our team recently assisted clients who found themselves in a challenging situation, needing to refinance an existing bridging loan while also securing additional funds for property improvements before a sale.
This case study demonstrates our ability to find creative solutions under significant time pressure.
The Scenario
Our clients had inherited a terraced property in London, and had initially taken out a bridging loan to carry out improvements before its sale for an estimated £580,000.
However:
- The renovation costs exceeded their initial estimates and had taken longer to complete – they were yet to complete the loft conversion, which would be a key development.
- They now only had two months to repay their original bridging loan and were not ready to put the house on the market.
The Challenge
The case presented several complex challenges:
- We only had two months to arrange new finance and repay the original lender.
- Many lenders are cautious about refinancing existing bridging loans (re-bridging).
- Loft conversions are considered as ‘heavy refurbishments’ by most lenders, which are more difficult to secure approval for compared to light refurb.
- Relatively high Loan-to-Value (LTV) ratio required
The Solution
Our team quickly assessed the situation and approached several lenders, including those specialising in re-bridge scenarios and property development.
After presenting the case, highlighting the property’s potential value increase and the client’s clear exit strategy, we managed to negotiate terms at a lower rate than offered by the client’s original broker whom they’d used for their first bridge.
Thanks to our extensive lender relationships and experience in complex cases, we were able to move quickly - we secured the loan within 6 weeks, leaving 2 weeks to spare before the original loan deadline.
Simon Mullins
Finance Broker CeMAP
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.
Paige Dumpleton
Finance Broker CeMAP
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.
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Head of Business Finance
Cardiff
0203 880 8890
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Private Client Adviser
Bristol
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Scott Dutfield
Finance Broker
Cardiff
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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
Carly Cheeseman
Head of International
Bristol
0117 457 9922
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Nick Kerley
Finance Broker
Cardiff
0117 959 5094
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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.
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Mathew Phillips
Senior Finance Broker
Bristol
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Senior Private Client Adviser
Bristol
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Sam ONeill
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