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

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 a 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 scenario to build a lifestyle dream home.  

Our client needed the remaining £30K to buy a plot of land with a barn that she and her husband planned 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, resulting from 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. Our borrower also kept costs down by using the same solicitor, so the regulated bridging loan was successfully arranged with minimal fees within three weeks.

In a similar situation? Call our bridging loan team on 0117 959 5094 or use our bridging loan calculator to get an indicative quote

Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you 

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Scott Dutfield

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

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

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.

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Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

Are you looking for a similar type of property finance?

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Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

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Book a free telephone consultation with one of our bridging specialists today and see how we can help you.

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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 

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Fergus Allen

Senior 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

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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 

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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. customDatabaseField-8455

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

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Alex Chambers

Senior Private Client Adviser

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.

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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.

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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.

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