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.