First Bridging - Bridging Loans and Bridging Finance

Overseas property purchase

Mrs Grattan a retired nurse had decided to emigrate to Spain to be closer to her son and daughter in law who had moved there 4 years previous to establish a new business. Having agreed terms and completion date on a new town house in Spain she found herself with last minute problems selling her property in Newcastle as her buyer dropped out. Within 4 days we were able to provide a loan equivalent of €250,000 secured on her home property allowing her to complete on the purchase of the Spanish property and thus moving in as planned.
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Home Mover Mortgage GAP funding

Mr and Mrs Alderton of Birmingham had found the property of their dreams, a detached bungalow with land and stables recently placed on the market and attracting considerable interest. They had yet to place their own property (worth £550,000 and with no mortgage) on the market and approached us for a fast workable solution as they had to prove funds availability and complete within 4 weeks if they were to capture the property. Using our flexible Mortgage GAP loan we agreed a £450,000 loan secured against their current property at an interest rate of just 1.5% over bank base rate per annum. We gave proof of funds availability to the vendor and their agent, the client’s offer was accepted with exchange and completion after only 3 weeks! The clients existing property was put on the market and sold within 2 months at which time the GAP loan was fully repaid.
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Mr and Mrs Peters of Macclesfield had agreed a discounted price for a new build property in Stockport having found a buyer for their own property. The day before exchange of contracts was scheduled their buyers pulled out of the sale and they were left with a real dilemma as they risked losing a 5% deposit paid on the new property. Using our GAP funds we were able to lend the required money for completion which included a flexible ‘no penalty’ mortgage as top up. Their own property did sell 6 weeks later and the loan and mortgage fully repaid. Interest rate charged on the whole package was base rate + 2% per annum.
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Mr and Mrs Ayre of Colchester had seen a large property come on to the market with a 'Granny Flat' attached which was perfect for Mr Ayres elderly mother to move in with them and retain some independence. The property was attracting considerable interest and the only way they could secure the property was to commit to a completion date within 6 weeks. Their own property and that of Mr Ayre's mother both had yet to be placed on to the market, we were approached and within 24 hours we secured a Mortgage GAP loan offer of £1.1 Million against the two properties to be sold. The flexible 'open' loan was offered at an annual interest rate of just 1.35% over bank base rate. With guaranteed funds available the client’s offer was accepted with completion taking place within the required timescale. The clients existing properties were both put on the market with a local agent and both sold within 2 months at which time the GAP loan was fully repaid.(back to the top)

Property developer purchasing at ‘below market value’

Mr Uppal is a property developer and landlord based in the Midlands who buys properties at below market value contingent on a quick sale. The clients strategy, using our bridging funds, is to quickly re-mortgage with a mainstream mortgage lender at a mortgage offer reflecting the true market value (not what was paid for the property ).We lend up to 80 % of the property value on a very short term basis on a fixed rate basis dependant on loan amount and term. This allows Mr Uppal to move quickly and capture the desired properties and has built a significant portfolio using this strategy. We are also able to provide competitve Buy To Let re-mortgage options and with some lenders tjhis can be done on the same day.
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Property purchase at auction

Mrs Cresswell of Dewsbury, West Yorkshire wanted to agree 100% funding availability for the purchase of auction properties. Using her existing home property as additional security she has now bought 4 properties at auction paying the normal 10% deposit (from funds we advanced) and completing on the purchase within 28 days. On all four occasions Mrs Cresswell has made some minor refurbishments and decorative improvements to the properties and sold all four houses within 3 months for significant financial gain.
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Commercial Property Bridging Loan

Mr Reid of High Wycombe runs a successful parcel delivery franchise from a rented office / warehouse building. As the sitting tenant he was given first option to purchase the freehold of the building as the owner had a desperate need to raise cash. The client had an agreement in principle for a long term commercial mortgage for the property but needed to complete within just 2 weeks, a timescale the mortgage lender could not meet. We arranged valuation of the property within 48 hours and were able to fund 85% of the agreed purchase price. Mr Reid became the proud owner of the property with plans to significantly expand his business, with one month from completion the commercial mortgage was in place and the bridging loan redeemed.
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Avoiding property re-possession / Emergency Funding Needs

Each week we help many clients who unfortunately find themselves in urgent need of funding to avoid property repossession orders or to pay creditors, tax , VAT bills or similar. In such situations we will provide you a fully managed service dealing with creditors or bailiffs and generally taking away the pressure once funding has been agreed. For a strictly confidential discussion on any particular emergency funding need you have please call us today.
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