Bridging loan case study
Bridging Loan Secured to Complete Work on a New Build Property
Discover how ABC Finance bridging loan experts helped this client secure a large bridging loan to complete the construction work on a new build property.
The loan
Location
Midlands
Capital raised
£300,000
How funds were spent
To complete the construction of a new build Property
The request
Our client needed to raise £300,000 net to allow him to complete a ground up build on the same title of his home. His current property was to be sold to repay the loan and when the build was complete, he would move in.
The client was interest rate sensitive and wanted to avoid standard development finance due to the overall costs and fees.
The solution
We discussed the scenario with the lender who, given the strength of the overall deal, offered the full £300,000 net against his home valued at £965,000, without the need for monthly valuations or assessments of the new-build. We also used the lenders joint representation legal process which saved the client further time and money.
When the main house sells the title will be split and the bridging loan repaid.
2% lender fee, 0.74% per month interest rate.
Lee Hemming
Sales Director
Talk to Lee about bridging loans for property construction
If you’d like to find out how ABC Finance can help you finance any type of bridging loan, get in touch with Lee today.
Lee Hemming is a specialist bridging loan advisor at ABC Finance with years of experience arranging the right finance solutions for our customers. Call, email or contact ABC Finance today to learn more.
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