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

Area
Staffordshire
Capital Raised
£120K

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.

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.

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