Bridging Loan To Pay Off 2 Buy To Let Mortgages & Buy New Home In Hertfordshire
When your perfect property comes onto the market, you may think because your capital is tied up in an existing property you are not able to act. This is where bridging finance can be so useful.
The Scenario:
We were approached by a client who owned two rental properties: one in London and one in Plymouth.
The opportunity had arisen unexpectedly for her to buy her current home, which she rented in Hertfordshire. As the current tenant, she was the favoured buyer, but she needed to act quickly to prevent her landlord from putting the house for sale on the open market.
The Solution:
Our client needed a short-term loan to pay off the remaining balances of the two BTL mortgages and buy the house she was living in. The combined value of the three properties was £1,598,000. The sale of the BTLs would be the exit from the bridging loan.
The client had some historic credit issues (CCJs) which be an issue for most lenders. We helped to have these removed from her credit record and arranged a competitive short term bridging loan for £1,118,600 which repaid the BTLs with sufficient funds left to purchase the Hertfordshire home.
The loan was negotiated for 12 months to give our client sufficient time to sell both rental properties and exit the bridging loan.
In a similar situation? Please call our team on 0117 959 5094 or complete our enquiry form.
James Ellacott
Commercial Finance Broker
Cardiff
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Simon Mullins
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
Paige Dumpleton
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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Cardiff
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Bristol
0117 332 5061
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Scott Dutfield
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
Carly Cheeseman
Head of International
Bristol
0117 457 9922
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Nick Kerley
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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Clifton Private Finance
Bristol
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Finance Broker
Cardiff
0117 959 5094
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Fergus Allen
Senior Finance Broker
Cardiff
0117 959 5094
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Bristol
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Finance Broker
Bristol
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Mathew Phillips
Senior 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.
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Senior Private Client Adviser
Bristol
0117 403 4324
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