Bridging loan case study
Second Charge Bridge for Business Purposes
Discover how ABC Finance bridging loan experts helped this client secure a second charge bridging loan for commercial refurbishment.
The loan
Location
Midlands
Capital raised
£50,000
How funds were spent
Commercial Refurbishment
The request
Our client was refused a commercial mortgage on an investment property due to the condition of the building. As his current fixed rate had ended, his monthly payments had increased substantially which put a sense of urgency onto the process.
He needed to raise £50,000 to enable him to complete the work and refinance his current mortgage onto a lower interest rate.
The solution
We were able to raise the funds on a second charge basis against his home. This gave him a lower interest rate compared to a commercial bridge, and also avoided the need for a commercial valuation, which was costly for him.
When the refurbishment is complete we’ll refinance him onto a long term commercial investment mortgage to bring his payments back down.
2% lender fee, 1.05% per month interest rate.
Lee Hemming
Sales Director
Talk to Lee about bridging loans for businesses
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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