We were approached by our client in desperate need of raising £50,000 quickly. His plan was to sell his unencumbered property worth approximately £600,000 and move in with his partner. This would free up the majority of his money to live comfortably in his retirement.
The purpose in raising the money was to pay for his next course of life saving medical treatment abroad. He had arranged a date with the hospital and consultant but the date was getting too close to rely on his property selling.
Although the client was asset rich with his unencumbered property and various vehicles – one of which worth £100,000 which the client also attempting to sell – he needed to have the liquid cash, which is where we came in.
We were able to arrange a £50,000 bridging loan on his residential property within the limited timescale needed, this alleviated the stress from the client and he was able to have his treatment successfully.
He then sold his property and paid back the bridging loan in full, without issue.