100% purchase price bridging loan secured on two properties and a pension payout
Bridge finance secured against two properties, and a future pension fund payout: we can find the funding for you.
The Scenario
Our clients needed to borrow the full purchase price of their dream retirement home in Rhyl in Wales. She had recently retired; he was semi-retired and planning to do some small-scale property development in the area.
They were looking to borrow £150K.
The Solution
We could get them 100% lending by securing it against the value of the new property, and the value of a rental property in Birmingham which was to be sold as their exit.
It was on the market for £142,500. To make up the shortfall, we found a lender who would include as part of the exit strategy a lump sum pension payout due in a couple of months.
To make things slightly more exciting, there was an outstanding bridging loan secured against their previous main residence, which had financed the purchase of the BTL. On the day that the sale of their previous home completed, that bridge would be repaid and the new bridging loan could be raised against the now-unencumbered rental property.
On the day before completion, our clients rang to say that there were some additional fees and costs that they hadn’t budgeted for. We were able to ask the lenders for an extension to the agreed lending, and that was approved within 24 hours so the chain could proceed.
We look forward to helping them finance their future property portfolio.
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.