Fast Bridging Loan In London

The Scenario

Our client owned a west London apartment valued at £645K. He had been looking to move for more than six months and one of the mansion flats in Clapham he had been looking out for finally came on the market at £885K.

The client’s existing apartment hadn't found a buyer, but two and a half months after his offer had been accepted he was under pressure to exchange on the purchase of the Clapham flat or it would go back on the market. 

He needed the full £885K purchase price of the new property in order to be able to proceed. 

Our Solution

The client came to us having been given a deadline of three weeks to exchange on the property, or he would lose it. 

Short-term bridge finance was the solution.

By arranging lending secured against both the property he already owned, and the apartment he was buying, we identified a lender who would be prepared to provide the full purchase price, and after careful negotiation we were able to secure the offer of a favourable interest rate.

A couple of queries on our client's credit record took a few days to resolve, but we kept in close contact with the vendor's agent and 17 days after his application was submitted our client was able to draw down the funds and proceed with his purchase, with a breathing space to allow his west London flat to find a responsive buyer.