Bridging Loan To Purchase Property In Italy

The Scenario

Our client, Mr. Morris, wanted to buy a property in Italy. He found a house that would cater for his needs and put down a deposit.

Our client intended to sell his existing property to complete the purchase of his new home. Unfortunately, his existing property was taking longer than expected to sell.

In order to ensure that he didn’t lose his deposit on his new property, he had to pay the remaining £50,000 as soon as possible.

Our Solution

The client had two options: either refinance his entire property or secure a second charge mortgage on his existing home to raise the £50,000 required.

Due to the short-term nature of his financial needs, we decided to arrange a second charge to obtain the finance he needed. Although the second charge had a slightly higher interest rate, the overall cost of refinancing his property would have been more expensive in the long term.

Upon completion of his purchase, Mr. Morris contacted us saying:

“You have certainly shown me that you do everything for your clients …

I have been kept in the loop …. which I would like to highlight that I really appreciated.

I certainly will be able to recommend you to others as and when the need arises.”