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

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. 

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

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 to discuss your situation at any time that's convenient for you.

James Palmer

Senior Associate

London

0203 900 4322

Are you looking for similar property finance? I specialise in development and commercial finance for Clifton - I can find creative and commercially effective solutions for your project.

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.

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