Regulated bridging finance for hard-to-mortgage construction type in Cornwall

Area
Cornwall
Capital Raised
£30K

Non-standard construction can be a warning flag when you’re considering buying property, and can also rear its head years later. But many of these are sound, serviceable homes that are excellent value for buyers, or they have historic character or quirky charm that will always find a discerning purchaser. And lenders can be found for them.  

The Scenario

This was a downsizing to build a lifestyle dream home.  

Our client needed the remaining £30K to buy a plot of land with barn which she and her husband were planning to rebuild as their home.

She owned her house outright, so she was looking for a straightforward first-charge bridge.

The problem was that her house was a “Cornish Unit” – a style of prefabricated housing popularised in Cornwall in the 1950s, with steel reinforced frames, concrete panels and attractive Mansard roofs.

Over the years, structural problems have been identified with this style of house-build, as a result of water damage to the steel frames. There are also issues relating to the “mundic block” construction: concrete made with aggregate from the locally-named “mundic” (mining waste) is now found to be deteriorating due to the minerals in the aggregate.

The Solution

Our priority was to find a lender willing to consider Cornish Units. The financer we identified put a valuation of £230K on the property via their online valuation, which gave our client a very manageable LTV of under20%.

The lender offered a rock-bottom rate for this regulated loan, and our borrower was also able to keep costs down by using the same solicitor, so the regulated bridging loan was successfully arranged with minimal fees within three weeks.

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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