Bridging finance allows borrowers to raise crucial funds prior to a pre-determined event, which will pay off the loan in a pre-determined time. These loans can be the difference when it comes to being able to complete on a property. Our experienced team of professionals has helped borrowers find and secure the bridging loans they needed.
New Development Project
A loan was arranged on a ‘ransom strip’ of land which only had agricultural usage but was identified by the local authority as a site where they wanted to build a relief road and residential housing. The loan was to buy out the client’s business partner. Formal planning permission was later granted by the council and the site was sold on to a developer. Loan of £2.2m against a valuation of £4m, interest rate of 0.89% per month, fee of 1.25%.
Residential Bridging Loan
A loan of £3.2m to purchase a new main residence secured on the new property, the existing property that was being sold, a farm with agricultural ties that was also being sold and two buy to let properties by second charge. A rate of 0.65% per month with a 1.5% fee.