
Million Pound Bridging Loan Across Two Country Homes with Drawdown Flexibility to Fund Classic Car Purchases
Most bridging lenders don’t like offering drawdown on regulated bridging loans because you don’t pay interest on what you haven’t drawn from the loan – but they provide great flexibility for borrowers.
And some lenders let you do it - you need a broker who knows how to negotiate the right product.
The Scenario
Our client came to us out of frustration with his current broker.
He felt that his current adviser wasn’t going the extra mile to get the flexible finance solution he needed, and they weren’t seeing the bigger picture he could see.
He needed a large, bespoke bridging loan of £1m for a new country home purchase whilst waiting for his current £2.1m residential property to sell.
In addition, he wanted to raise finance greater than his new property’s value to pay off some creditors, clear his existing mortgage, and purchase several classic cars he viewed as an investment opportunity.
But he was having difficulties getting the loan he needed due to the following complications:
- Bridging Lenders currently don’t like offering drawdown on regulated bridging loans
- They also don’t like lending for other purchases, like classic car investments or paying off creditors.
- They wanted to raise the absolute maximum LTV based on the value of their current property.
- Time-sensitive - they needed bridging finance to secure their new home ASAP.
The Solution
Thanks to our expertise and trusted relationships in the industry, we secured a bridging loan for our client that ticked all the boxes.
Our clients were able to borrow a total of £1.7m but only took £690k of this upfront. This allowed them to exchange, clear their current mortgage, pay off some creditors and even purchase the classic cars they saw value in.
They then had £1m left of the loan ready and waiting for them to draw upon and complete their new home purchase when the time came.
And they didn’t have to pay interest on the £1m until they used it.
Our bridging finance solution also sorted the rest of the issues:
- The maximum limit LTV available at just over 60%
- Competitive interest rate
- Fast and efficient process
- Excellent service and support throughout
Why use Clifton Private Finance?
You are legally required to use a mortgage broker for regulated bridging loans (when you or a family member will be living in your new property).
But, not all brokers are equal.
Our client was dissatisfied with the first company he approached. He felt they weren’t quick enough, weren’t efficient, and didn’t see the bigger picture he was looking at.
We stepped in and secured a drawdown bridging loan that banks don’t usually offer, acquiring a much better deal for the client.
Please speak to us today to find out how we can help with your property finance needs.
Louis Levine
Finance Executive CeMAP
Bristol
0117 457 7862
Are you looking for a similar type of property finance?
Get in touch today and find out how I can help.
George Abouzolof
Finance Broker
Bristol
0117 403 3444
Do you need help sourcing your own property finance?
I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you
Bridging Team
Clifton Private Finance
Bristol
0117 959 5094
Are you in need of a similar type of property finance?
Book a free telephone consultation with one of our bridging specialists today and see how we can help you.
Sam Baker
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
Fergus Allen
Finance Broker
Cardiff
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.
Book a free telephone consultation with me at a time to suit you
Jacob Phipps
Finance Broker
Bristol
(+44) 0117 959 5094
Are you looking for a similar type of property finance?
I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Mathew Phillips
Senior 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.
Book a free telephone consultation with me at a time to suit you
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.
Book a telephone consultation at a time that suits you:
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. Book a free telephone consultation with me at a time to suit you.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar?
I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you
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.
Book ConsultationAdam Arnott
Associate Director
Bristol
0117 205 0214