Funds Raised for Annexe – Bridging Loans & Emergencies

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We had a call from a client whose elderly parents had been admitted to two separate hospitals that were quite a distance apart and their house wasn’t suitable for them to return to, given their needs.

The client wanted to build an annex on her house to enable her parents to live together under her care, however, they wanted this done quickly and it needed to be funded from the sale of her parent’s property.

She approached us to see if we could raise finance quickly against her parent’s unencumbered house whilst she put the property on the market but, as the property was slightly dated, the selling agent had said that a quick sale may be difficult to achieve.

Solution

We were able to arrange a bridging loan against the unencumbered property to enable the annex to be built and for the client’s parents to move in and live together again.

As the parents were both still of sound mind, their solicitor visited them both at the separate hospitals to explain the finance and make sure everything was understood.

The bridging loan completed quickly and with no added stress to the clients, their property was sold and the funds were used to repay the bridging loan.

about-the-author-gary-hemming

About The Author

This content was produced by our Commercial Lending Director, Gary Hemming. Gary has over 15 years’ experience in financial services and specialises in bridging loans, commercial mortgages, development finance and business loans. He is widely respected in his field and regularly provides expert commentary for specialist trade publications, specialist business press as well as local and national press.

Gary Hemming CeMAP CeFA CeRGI CSP  -  
Commercial Lending Director

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