Bridging loan case study
Urgent Bridge On An Un-Mortgageable Property
Discover how ABC Finance bridging loan experts helped this client secure an urgent bridging loan for an un-mortgageable property.
The loan
Location
Wiltshire
Capital raised
£150,000
How funds were spent
To purchase an un-mortgageable property
The request
Our client approached us for an urgent £150,000 bridging loan due to being refused a mortgage because the property had been deemed un-mortgageable by a buy to let lender.
The vendor was threatening to re-market the property due to the time elapsed since making the offer.
The client was also light on deposit and needed a high LTV.
The solution
We were able to secure a bridging loan to enable her to purchase the property and carry out the required works. The lender offered a 75% loan with the interest paid monthly rather than retained which minimised the deposit needed.
Although the client had a complex income structure we were able to demonstrate that there was more than enough income for this to be affordable.
Although the property wasn’t mortgageable, the lender also agreed to use an automated valuation to save time and costs.
When the refurbishment is complete we’ll arrange a buy to let mortgage to repay the bridging loan.
2% lender fee, 0.95% per month interest rate.
Lee Hemming
Sales Director
Talk to Lee about bridging loans for un-mortgageable property
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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