Refinancing Bridging Loan On London Home To Relocate Home And Business To Care For Parent
The 12-month term on a regulated bridging loan for a residential property may not be long enough to sell your home without taking a substantial hit on price. Re-bridging, or a second-charge loan, may be the solution you need.
The Scenario
Our London-based client needed to move his home and consultancy business back to Northern Ireland to look after his elderly mother.
His South London property was on the market and he had a bridging loan against it to finance the relocation. But the property was taking longer than projected to sell and the repayment deadline was fast-approaching.
His bridging loan lender would impose punitive charges if he needed to extend the loan beyond the original 12-month period. It was a stressful situation, compounding our client’s concerns about his mother’s care.
The Solution
Time was of the essence: we were able to renegotiate financing within six days.
We arranged a second bridging loan with an independent lender, who was willing to extend a second-charge loan at more favourable rates. Our client gained some breathing space in which he could relocate his business and get it re-established in Northern Ireland, and find a buyer for his London home without needing to drop the price low enough to attract bargain-hunters.
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.