Bridging Loan On Unfinished New Build Home In Cheshire

Area
Cheshire
Capital Raised
£140K

Property developments don’t always have clean end-dates to allow for sell-this-and-then. Bridge funding may be needed to allow a site to be vacated or completed – but a lenders can need a bit of persuading.

The Scenario

Our dedicated property-developer clients had returned from a year in Spain and spent a year living in a mobile home while they built a 3-bedroom house on a land plot in Oswestry.

With the project nearing completion (and winter approaching) they were now keen to purchase a cottage in Cheshire as their home.

The challenges: their house-build was wind and watertight, but not yet complete. Most institutions are fairly reluctant to lend against a property that isn’t yet on the market, far less unfinished.

And some lenders require that borrowers must have been resident in the UK for the previous three years (to simplify verifications relating to money-laundering issues).

The Solution

We found a lender who would consider borrowers not UK-resident for three years, and who would take a view on the house being ready for sale within weeks.

We negotiated a very competitive rate of 0.54%. Our clients were able to take the mobile home off their build site to complete landscaping, and move into their new home.

And with an LTV of less than 50% on the new property they will have sufficient equity to fund further developments.

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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