Bridging Case Studies
Client A was due for an imminent eviction. He had been ill, missed mortgage payments and the arrears were now spiraling out of control. Client A had only a small mortgage on the property and lots of equity but could not remortgage due to the recent missed mortgage payments. We were able to obtain a small second charge bridging loan secured on the subject property to clear the arrears and stop the eviction. We also guided the client in the methods required to prevent the eviction process allowing time for the bridging loan to complete. We are now in the process of providing new finance to clear the original mortgage and second charge bridging loan thus giving Client A, a much needed new start.
Client B bid for a dream house at auction. This house was also wanted by a number of other interested parties including cash buyers so to secure the deal Client B had to make an immediate offer which was only accepted under the strict condition that completion must take place within 28 days of the auction date. We put a second charge bridge over the client’s current house and a first charge bridge over the new property allowing the purchase to be made within 11 days, way ahead of expectation. Client B has now sold the original property and taken a small mortgage on the new property to repay our bridge.
Below Is A Few More Client Stories
Client C runs a small cleaning business. Due to an unexpected surge in business and to take advantage of a competitors slip our client needed to purchase heavy industrial washing equipment within the month. We quickly arranged a bridge secured on our clients business premises allowing the purchases to be made. The client took absolutely the right decision and repaid our bridge within 4 months from the proceeds of his increased turnover and profits.
Client D was a regular property developer. Property development is no longer considered “sexy” by most high street lenders and even sources our client had used for many years declined further borrowing. As such our client was left without the finance required to complete his part finished building projects. We arranged finance secured on the part built assets allowing our client to complete his project and ultimately preventing the closure of his business. Our client has now sold a number of completed units and has repaid our bridge after 8 months.
We can provide many more examples and provide more information on the different bridging loan types of bridging loans available.
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- Bridging Case Studies
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