Short term lending for major renovations on unmortgageable London dream home

Area
SE London
Capital Raised
£862K

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. 

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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