Large bridging loan for property in Royal Tunbridge Wells
Our client wanted to buy a £2million residential house in Royal Tunbridge Wells, but their funds were locked up in another property that wasn't ready to sell as it required minor refurbishment to obtain full market value.
As the property they were selling to help fund their acquisition wouldn't be on the market until 3 months time they needed an alternative source of funds in order to purchase their new residence.They weren't prepared to postpone the purchase of their new property for fear of losing it to another buyer.
Gary Poulton explains "We typically lend up to £1m regularly. However, we're quite comfortable underwriting up to £2m and in this particular circumstance we're pleased to be able to help this couple make their next move."
The solution
To raise the £2million, we suggested a bridging finance arrangement secured against the existing house, which was pending refurbishment. As a result, the clients were able to promptly complete their new acquisition.
It also allowed them a flexible exit by way of selling their current home after the refurbishment, with the deficit being covered by a small refinance on the new home.
We were able to meet the client's deadline which enabled them to close the sale within 3 weeks.