Super Fast Bridging Loan to Purchase Difficult-to-Fund Retirement Property In Staffordshire

The Scenario

Our client was acting on behalf of his parents in their 80s, who wanted to sell their 3-bed detached bungalow and purchase a spacious park home: a “Centre-Parcs-for-the-retired” property.

This was a relatively modest financing arrangement, but the client’s need was urgent and we wanted to help him get his parents settled.

Their current home was a bungalow valued at £350K and was mortgage-free. The park home was valued at £120K. It should have been a straightforward transaction that would give the parents a nice nest-egg for their older years.

Except that the park home owner was pushing for the sale to be completed within two weeks, saying that he had other purchasers keen to buy. This was the last home available in the park.

And it’s all-but-impossible to raise funding on a park home because of the complicated ownership issues: purchasers own their home but not the land it’s on.

The Solution 

The son called us on a Saturday and fortunately our bridging loan specialist took the call.

The answer was to raise the necessary capital against the currently-owned bungalow. We believed the sale could be achieved within the two weeks, but during the process the vendor took six days off the completion deadline because of pressure from competing buyers.

We found a lender who would do an online valuation of our clients’ property, and whose solicitor would act for both vendor and client, to speed the process. Finance was approved and the purchase completed within seven working days.

"Excellent communication – above and beyond when needed," was our client’s feedback.