Bridging Loan To Break Mortgage Chain In Lancashire

Area
Lancashire
Capital Raised
£300K

The Scenario

Our client owned a property in Lancashire worth £190,000, and wanted to move house. He'd found the perfect property:in a great location with an asking price well within his budget.

With an offer already in hand for his own house he felt confident in putting in an offer to purchase.

But then his buyer pulled out at the last minute, putting the whole exchange chain in jeopardy and risking him losing the house he'd now set his heart on. 

The Solution

As soon as he called us, we acted quickly.

We were able to set up short-term finance which was secured against both his existing residential home and the house he wanted to buy, in order to achiev the full asking price he needed to borrow. The straightforward agreed exit which would repay the lending was the sale of his current home.

He received the finance in time to proceed to exhange and completion. And soon afterwards sent us the following message:

"Being let down by my buyer at the last minute was devastating, as I didn’t want to lose my prospective new home.

"Thankfully, you were able to arrange bridging finance for me; making sure that I had a formal offer letter within 3 working days, enabling me to ensure that the chain remained intact.

"I was then able to complete the purchase 4 weeks later. This speedy completion would have taken much longer had it not been for your consistent monitoring and chasing-up when required…had it not been for your timely intervention with the lenders to move things forward, I doubt that I would be sitting in my new home today.

"Once again Sam, my very sincere thanks for your diligence, tenacity and attention to ensure a speedy and smooth journey from start to completion.

“Hopefully, I will have sold my old house in the near future, however, should I need to look at refinancing towards the end of this year… I hope that you will be able to assist me once again."

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.

Contact Us