On completion the intention was to live in the main property, split the title and utilities and then refinance the rented cottages which would then release the money to repay the bridging loan in full.
The client has a stable, well-paid professional job and needed finance of just £235,000 as the rest was available from proceeds of a previous sale and a small gift from a family member.
When the application came to us, the client was under a great deal of pressure to complete the purchase and the vendors were threatening to pull out and re-market the property.
We successfully dealt with a number of difficult challenges including adverse credit and legal issues which provided further hurdles during the application process. We were able to complete the application on time to the client’s satisfaction, allowing him to carry out his plan successfully.