Bridging Loan To Purchase And Convert Swindon Care Home Into Flats

Area
Swindon
Capital Raised
£190K

The Scenario:

This client was referred to us by a colleague who was 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, and had approached their existing financial provider for funding. They 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 £190,000 bridging loan with our client’s solicitors within 72 hours, giving them time to execute the purchase before the deadline. 

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

Associate Director

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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