Case Study – Residential
The client’s intention was to downsize. Funds were required quickly to secure the new property before the main residence was sold.
Funding was approved in a short timescale to enable the client to secure the new property with repayment once the main residence was sold. A nine-month approval was secured.
The entire purchase price of the new property was borrowed. In addition, the nine-month interest cost for the facility was added to the advance to cover the ongoing costs of the bridging facility.
Total funding secured: £500,000 plus interest costs
Case Study – Commercial
A commercial development scheme required short-term finance to complete a three-unit office/retail development where a number of the units were identified for sale.
Bridging finance was arranged, to complete the part-built project, for a maximum period of 12 months with no early repayment penalties should the units sell before the facility expired.
The facility was arranged in a short period of time with little external ongoing monitoring.