
Bridging Finance For Quick Chain Break For Countryside Residential Home
The Scenario:
Our client approached us with a requirement to purchase a new residential property in the countryside.
The title included a large barn and adjacent field, this is something which can be tricky for some lenders as often barns and acreage can be associated with commercial activity.
The client also received the majority of their income through commission which added a further complexity.
The Solution:
We approached a lender who was comfortable with both the client’s earning structure and the property.
To provide long-term security on rates we achieved a 10-year fixed rate at less than 2%.
As we were nearing completion the client’s buyer unfortunately pulled out, so we needed to act quickly so the clients didn’t lose their dream home.
We arranged a bridging facility secured across both properties at a rate of 0.2% per month.
The loan was structured over 24 months with no exit charges, allowing plenty of time for the sale. Once the sale is complete, we will arrange a new long-term fixed rate for the client.
Banks have very different appetite to income earned through commission, so it is important to ensure the correct lender is approached.
Properties in the countryside have always had natural appeal but over the last year, with a movement towards working from home, their appeal has been increased further with the benefits of an extra bedroom or outdoor space being felt.
Luther said, “The downside of these properties is that often the uncommon features such as land and outhouses can make finding finance tricky however, having dealt with similar cases in the past its certainly a requirement I can accommodate”.
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