Easy bridging finance for a downsize bungalow in Somerset

Area
Somerset
Capital Raised
£125K

Yes, we can do difficult: the big numbers and complicated financial backgrounds, the tricky properties and the three-day turnarounds. But bridge finance can also be a very straightforward funding solution for older clients who are downsizing. And this was a textbook case.

The Scenario

Our author client was retirement planning with a downsize from a house in Shepton Mallet to a bungalow in a popular village four miles to the south.

She’d found the place she wanted to move to, on the market for a discounted price to secure a quick sale. She was aware there wouldn’t be a lot coming onto the market and she wanted to secure the purchase.

It was a straightforward regulated bridging loan to arrange: our client had no debts and no outstanding mortgage, and the sale of her house would leave her with £50K+ in hand after the purchase was completed. But she wanted to borrow 100% of the purchase price, so we needed to make the numbers work.  

The Solution

The lender we sourced for her was confident she could execute her exit plan: selling her house in Shepton within 12 months. To achieve the bridging loan amount she needed we secured her borrowing against both the property she was buying and the house she was selling. And an LTV of less than 50% against each of them delivered a market-leading rate of 0.49%.

Securing the loan against both properties does have risk implications, but the exit looked confidently achievable. And with the lender waiving a valuation on the purchase property costs were kept to a minimum – and the purchase could proceed.

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.

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