Cotswold Bridging Loan for Australian Based in Hong Kong

Accessing finance for a borrower who is not a UK national, and not working in the UK, can be a challenge.

The Scenario                     

Our clients were a couple aged 60 and 70 looking for a bridging loan so they could move painlessly from their current house outside Swindon to a dream cottage in picturesque Painswick, recently renovated and extended.

They weren’t married. She works in the UK and is a UK national, he is Australian working in aircraft management in Hong Kong.

They wanted to raise the full purchase price of the cottage and part of the stamp duty.

The challenge was that, for a regulated bridging loan, most lenders require that both applicants in a couple should be both UK residents and UK nationals.

The Solution

We have good connections with a couple of specialised lenders who are prepared to go off the beaten track on bridging loans for clients with unusual circumstances.

The second lender we approached was persuaded by quality and location of the purchase property. With our clients putting forward a LTV of 50% they were prepared to offer an extremely favourable rate, and with finance in place within a matter of weeks our clients could make a firm offer on their property of choice.