Fast Bridging Loan For Park Home Purchase

Fast Bridging Loan For Park Home Purchase

Area
Yeovil
Capital Raised
£70k

The Scenario

Our clients were pressed for time over the purchase of a park home – competition was biting at the heels, and without fast finance organised quickly in the form of a bridge, they’d be at risk of missing out.

We were first approached by the clients looking to downsize and finance their purchase of a dream park home. They were of the mind that a bridge loan would be the fastest way to secure this property, so they sought our help in guiding them through the process and pointing them in the right direction when it came to lenders and favourable rates.

To repay their loan, they intended to sell a property they currently owned in Yeovil – valued at £240k. The park home they were looking to purchase was worth considerably less than this amount, so they had their exit strategy for the bridge loan comfortably wrapped up in the eventual sale of their property.

The issues with this case presented themselves when it came to delivering a bridge quickly for our clients. They were under time pressure due to being in direct competition with other buyers.

These buyers were awaiting a sale of their own to go through and had not sought a bridge loan like our clients had.

The size of the loan they were looking for, £70k, and the uniqueness of the property would also pose a considerable challenge when finding an appropriate lender to facilitate the loan.

But, the most important consideration was time. They needed to have a bridging loan secured within 6 weeks to ensure they wouldn’t lose out.

The Solution

Here’s how we helped our clients:

  • Due to the uniqueness of the case, we reached out to a specific lender who could facilitate an AVM (Automated Valuation Model) which is an estimated valuation based on the market for a property.
  • With their property in Yeovil valued by the lender, it could then be used as sufficient security for the bridge loan they needed.
  • We agreed on a £70k bridge loan, spanning a 12-month term with a favourable interest rate of 0.43% monthly.
  • And all with plenty of time to spare – the whole process took only a month, from application to offer.
  • They were then able to beat the competition, purchase their park home, and eventually repay the loan amount and interest through the sale of their property in Yeovil
 

Max Mallinson

Finance Broker CeMAP

Cardiff

0117 332 5977

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.

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Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

Do you need help sourcing your own business finance?

I have extensive experience securing finance for a wide range of businesses. Book a free telephone consultation with me at a time to suit you. 

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Scott Dutfield

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

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

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.

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Louis Levine

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Sam Baker

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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.

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Fergus Allen

Senior Finance Broker

Cardiff

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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.

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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

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Alex Chambers

Senior Private Client Adviser

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.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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Sam ONeill

Senior Finance Broker

Bristol

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