Bridging Loan To Purchase Narrow Boat

Area
Kent
Capital Raised
£140K

The Scenario

Our client, who owned a property in Kent worth £615,000, wanted to purchase a narrow boat.

The client intended to sell his property in order to buy the boat, and put his house on the market.

He received an offer on his residential house, but the sale fell through. The client was in danger of losing out on the boat to another buyer, and needed a substantial amount of finance to complete his purchase.

Our Solution

The client had £200,000 remaining on his mortgage, so he had a couple of options available to him: he could either refinance his property at a lower interest rate or secure a second charge to sit behind his initial mortgage at a higher interest rate.

As the client only required short-term property finance, we arranged a second charge against his existing property for £140,000. This was the better option for him, although he paid higher interest, he did not incur the significantly higher fees it would cost to refinance his entire mortgage. By paying higher interest over a short period of time, the client actually saved a substantial amount of money.

We were able to raise the finance within 10 working days, and enabled the client to complete the purchase of the narrow boat before his existing property sold.

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.

Contact Us