Bridging loan case study
Bridging Loan to Raise Money for Property Purchase in Asia
Discover how ABC Finance bridging loan experts helped this client secure a fast regulated bridging loan to buy a new property in Asia.
The loan
Location
Manchester
Capital raised
£165,000
How funds were spent
Purchased a property in Asia
The request
The client was looking to raise finance against his main residential property so that he could purchase a new home. The client was also travelling back and forth from Asia so needed the process to be swift and flexible to meet his circumstances.
He owned a flat in Manchester that he owned mortgage free which he had recently put up for sale. The property he was buying was a new build which meant he needed to raise finance quickly to meet the builder’s timeline.
He was looking to raise 100% of the purchase price with the repayment of the loan coming from the sale of his property.
The solution
When speaking with the client and understanding his lending requirements, we knew that we had to find a positive solution that could meet the clients’ needs.
The case also presented additional challenges that needed to be overcome, including:
- The client was an EU National with Indefinite Leave to Remain
- The property the client was purchasing was in Asia
- All fees included in the loan
- The client wanted an Automated Valuation & Solicitors who could act quickly
We took the following steps to overcome these challenges:
Narrowed down our search by speaking with the lender who would consider the loan to an EU National, consider an AVM and was happy for the client to be purchasing a property overseas.o Ensured the lender was happy to offer dual representation and for the legal work to be completed while the client was overseas.
Researched the market to identify the regulated bridging loan lenders who would consider borrowing to the client.
We were able to secure the following terms on a bridging loan:
- £165,000 capital raised against his flat
- 0.74% interest rate per month
- 12-month term
- Dual Legal representation
- Interest rolled up
Lee Hemming
Sales Director
Talk to Lee about bridging loans for domestic and overseas property purchases
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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