Rebridge of bridging loan not meeting exit deadline

Area
Newcastle
Capital Raised
£100K

Approaching the end of your bridging finance loan term can be extremely stressful if you haven’t managed to execute your exit strategy. Don’t panic: we’re usually able to arrange re-bridging for you, quickly and affordably.

The Scenario

Our client had come to us for a minimal £50K bridging loan to refurbish her mortgage-free older-style 5-bedroom detached house before selling it. The funds were also to pay for basic building works on an extension and renovations on the flat above a pub she owns that she was intending to move into.

Twelve months later, the house had failed to find a buyer, and living in a partly-renovated flat had lost its appeal.

She was looking for a re-bridge to give herself time to find a buyer for the house, and sufficient additional funding to pay for the pub-apartment to be completed.

The Solution

The 5-bed house now has a new bathroom and kitchen and new tiling and carpets throughout, including in its “granny annexe”. Offers had been made, but for various reasons they had fallen through.

With a valuation of £225K the feeling was not that the property was overpriced but that it just needed more time to find a buyer to recoup its value.

Meanwhile, in the flat over the pub the required works included building the extension, a loft conversion, fitting a new kitchen and bathroom and decoration throughout. An additional £50K of funding would allow her to get it completed.

Going to a new lender for a larger loan amount allowed us to access an offer that hadn’t previously been available, and the client’s loan costs were reduced from 0.54% to 0.49%.

More about bridge finance

 

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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