
Short term lending for major renovations on unmortgageable London dream home
These clients came to us thinking they needed bridging finance. We found an alternative type of short-term lending that suited them better.
The Scenario
Our clients had been holding out for a house to come on the market on a very specific road they’d targeted, overlooking a park in South London.
Finally a property came up for sale at £1.15M, but – it was a bit of a wreck. No kitchen, no hot water: it was unmortgageable.
They needed short-term finance until they could get the essential works done and refinance out onto a mortgage.
They’re both big earners for major financial services companies but one partner is a US national resident here on a spousal visa.
The Solution
We knew the visa issue wasn’t going to be a problem with finding lending.
More of a challenge was going to be how long these renovations are going to take, and how much the borrowing might cost our clients.
We steered them away from a standard bridging loan: the 12-month term could have been a very tight schedule for them. We found alternative short-term finance for a third of the cost.
This lending product is like a regulated bridging loan, but the minimum loan size is £300K and the minimum income required is £100K.
Their finance can run for up to two years at 0.25% a month, and has no early-exit fees if they finish their renovations early and are ready to mortgage.
They came to us on a Tuesday, we had credit approval for them by the following day, and an offer subject to valuation by the Thursday.
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.