Loan Amount:
£220,000
Property Value:
£669,000
LTV:
32%
Often, bridging finance can offer a clean slate for borrowers. A client turned to us for funding to clear and consolidate existing charges secured against multiple properties.
Our funding would allow the borrower to clear what was owed, and provide them with optionality when it came to refinancing for a potential exit strategy.
But, before this could all be actioned, we had to overcome several issues in the borrower’s financial background. To ensure they were addressed, our underwriter worked with the solicitors involved to make sure plans were in place to cover the financial obligations.
Adding additional security to the deal
During the background checks, a number of issues emerged which would need to be covered by our funding. Despite these issues though, the security properties offered enough potential to make us comfortable.
For added protection though, our underwriter worked with the borrower’s solicitors to make sure that all the borrower’s financial commitments would be repaid prior to, or upon the completion of our loan.
As such, they’d be able to look at refinance for the exit strategy with no hindrances. With a fresh start on the horizon, and the securities’ strong locations and prospects, we issued the capital required.
Bridging has many uses
Bridging loans have a multitude of uses. On top of being used to purchase an investment property, they can also be used for development exit plans, second charges, refinancing, and more.
What’s more, our specialist loans can provide investors with many repayment options, allowing them find an affordability plan that fits in with their specific circumstances.
Across all our products, your case will be underwritten from day 1 by a dedicated underwriter. No matter how complicated your situation may be, we’ll always do our best to find an appropriate financial solution.
