Bridging Loan To Purchase And Convert Swindon Care Home Into Flats
The Scenario
This client was referred to us by a long-standing client of ours. The new prospective borrower had an opportunity to buy a former care home in Swindon at a substantial market price discount - from £450,000 down to £360,000 - provided they were able to complete within two weeks (before the end of the financial year).
They had £170K to put down as a deposit. They'd approached their existing financial provider for funding and had got as far as valuation before being told the lender wouldn't consider the proposed change of use to flats.
The client now had seven days to complete the transaction, or they would lose this substantial opportunity - and the costs they had sunk into it to date.
The Solution
We had to act very fast, by approaching an insititution we knew would consider change-of-use lending.
We were able to have an offer for a £190K bridging loan with our client’s solicitors within 72 hours - giving them time to execute the purchase before the deadline.
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.