Bridging Finance For Quick Chain Break For Countryside Residential Home

Area
Staffordshire
Capital Raised
£750K

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”.

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.

Contact Us