£1.25M bridging loan used to save a sale

We work with Private Finance to offer our clients access to preferential financial rates on a range of products. Recently they worked with some clients who wanted to downsize from their £1.65 million property to a high spec home that was on the market for £1.25 million.

With a buyer in place and contracts exchanged on their onward purchase, they received the devastating, last-minute news that their buyer had pulled out of the deal, leaving them with the possibility of being in a legally binding position without the incoming funds to fulfil their obligation.

They quickly needed short-term finance that would enable them to complete their property purchase and that would be paid back once they had sold their main residence. Time was of the essence, so they also required a lender that would allow them to complete within three weeks of application.

Private Finance has access to every lender on the market, coupled with vast experience in negotiating property finance. They work on an individual case basis to find the solution to match each client’s unique circumstances. They were able to select a lender whose decision they knew would be based solely on the equity of the property rather than the income of the applicants.

This resulted in a much quicker turnaround time and they secured a loan for the amount that our clients required and in the timescale they needed. The 12-month bridging loan was worth £1.25 million with a rate of 0.48%. This bespoke solution also came with no early repayment charges, which meant our clients were free to repay the loan as soon as the sale of their main residence was completed.

If you’re looking for expert advice on property finance, please do get in touch with our York branch on 01904 625033.

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