Bridging Loan To Pay Off 2 Buy To Let Mortgages & Buy New Home

Area
Plymouth & London
Capital Raised
£1.1M

When your perfect property comes onto the market, you may think because your capital is tied up in 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 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 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 loan. 

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Have a similar situation? I'm a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

Luther Yeates

Finance Broker

Bristol

0117 244 5561

Have a similar situation? I am a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

James Palmer

Senior Associate

London

0203 900 4322

Have a similar situation? I specialize in development and commercial finance and can provide creative solutions for your property funding requirements.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Have a similar situation? I specialize in bridging finance and can provide creative solutions for your property funding requirements.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Require mortgage or short term finance for residential or buy to let property (including HMOs and limited companies)? I have extensive experience on providing property finance solutions for UK and International clients.

Adam Arnott

Senior Associate

Bristol

0117 205 0214

Are you in a similar situation? I have extensive experience in advising clients on providing creative property finance solutions. I look forward to hearing from you.

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