Fast Bridging Loan

The Scenario:

The clients in question had sold their existing property and moved in to rented accommodation while waiting for the property which they had be contracted to buy for £4 million in Hampstead. The new home had a long stop completion date. 

While this seemed like an ideal scenario, the family, after several months living in the location they had been renting in, found that they had grown attached to the area and felt they would rather live there than move to the waiting Hampstead property, as they had initially meant.

Having already committed to their Hampstead property, they needed to complete the transaction as planned. A problem arose when they were let you down by their private lender days before the deadline and so had to quickly find a finance solution.

Our Solution:

After contacting the bridging finance team on a Friday afternoon, the team were able to contact the solicitors involved and a ‘Decision in Principle’ was issued within hours. This is a fine example of how bridging finance can help companies and individuals out at short notice.

Following this, the team visited the property, consulted with the family and on Wednesday the borrowers received the funds meaning the whole process was completed in less than three business days. The customers received a loan of £1.5 million

While this is an exceptional circumstance and bridging finance being available at this sort of speed is quite rare, it does illustrate how bridging finance could help you out.

Always talk to your potential provider as they may be able to help you out at short notice.

Are you in a similar position? To investigate your finance options call our team on 0117 959 5094