Bridging loan to finance a daughter’s property purchase In Essex

"3G families" are looking for creative solutions to finance multi-generational living: providing security for older parents and also funding a younger generation into the property market.

The Scenario

A couple in their 70s were planning for their older-age care, and wanting to give their daughter the deposit to buy a home they would all live in together.

The three of them were currently living in the house the parents had owned for 48 years. Their daughter needed a deposit of £80K on a new-build she was buying off-plan. But of course the parents were unable to sell their property while they were all living in it, so bridging was the solution.

The Solution

There was nothing very flashy about this deal: we just managed to tick all the boxes, and that was exactly what this family wanted.

They approached us with plenty of time before they needed the funds. They had an attractively low LTV of under 50%, so we were able to arrange bridging at a very competitive market rate, and achieved approval to draw down the funds agreed with a week to spare.