Express travel on a bridge to France: short term finance completes urgent purchase

Area
Tunbridge Wells
Capital Raised
£650K

Bridging finance can be put in place quickly to complete on a property purchase and avoid losing a deposit. And sometimes we can make it happen REALLY quickly…

The Scenario

Our clients were off to live the dream. Their £1.5M home in Tunbridge Wells was on the market, and they’d found the house in France that was going to be the centre of their new life. They had a DIP on a mortgage, their offer was accepted, and they’d put down a £75K deposit. They had locked in their currency transfer rate for the completion balance.

But… was it Brexit, was it the pre-Christmas market slowdown: their house in Kent hadn’t sold.

They came to us with a completion deadline looming in 3 weeks. They needed to get a bridge in place quickly or they stood to lose their dream home and their deposit. And under French law they would also be sued for the vendor’s costs: all up, £100K was at stake.

The Solution

Our clients had just £6K outstanding on their current mortgage: we advised them to pay it off immediately so we could arrange a first-charge bridge for them (rather than a more costly second-charge loan). But a delay by their lender in sending out the redemption statement lost some vital days.

With a lot of pushing we managed to get the funds released in the nick of time: our clients received payment in the UK on the Monday so they were cleared through to their currency broker on Tuesday, in time for them to travel to France to sign their completion on the Thursday.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Have a similar situation? I'm a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

Luther Yeates

Finance Broker

Bristol

0117 244 5561

Have a similar situation? I am a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.

James Palmer

Senior Associate

London

0203 900 4322

Have a similar situation? I specialize in development and commercial finance and can provide creative solutions for your property funding requirements.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Have a similar situation? I specialize in bridging finance and can provide creative solutions for your property funding requirements.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Require mortgage or short term finance for residential or buy to let property (including HMOs and limited companies)? I have extensive experience on providing property finance solutions for UK and International clients.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Are you in a similar situation? I have extensive experience in advising clients on providing creative property finance solutions. I look forward to hearing from you.

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