Bridging finance secured on property or land assets in the UK can be used to quickly purchase property abroad. Emerging markets outside the UK can be the ideal location to purchase property. Bridging loans can be used for the deposit, balance or the full purchase price. Bridging finance can be repaid using traditional forms of finance or sale.
You paid a large deposit for a property abroad and are in danger of losing the deposit due to difficulties raising the balance needed to complete the purchase using finance from the country you are purchasing in. There is no time to arrange local finance for the purchase property and you do not wish to be tied into a new mortgage on your UK. We could arrange a bridging loan secured on your UK property for a few months covering the time between the purchase date and maturity date of the endowment.
Bridging & commercial funding used for holiday let purchase
The client was looking to borrow funds to assist in the purchase of her new property. The purchase property was a farmhouse with 3 holiday lets on the same title. The clients current residence was a typical residential property worth slightly less than the new residence but with no outstanding mortgage. The clients current residential property was used as security for the bridging loan and we arranged a commercial mortgage on the new property to cover the difference in values between the current property and the new one. Once the clients residential property sold, they repaid the bridging loan that enabled them to purchase their new home with the proceeds and the commercial mortgage ran successfully alongside the clients new holiday let business.
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