Bridging Finance 2

A client had an initial enquiry for bridging finance. The client is resident in Bermuda and bought a property in 2018 in Suffolk. The client was prepared to spend about £850,000 for the developments on the property which has been valued at £1,000,000.

The property is unencumbered. He wanted to raise £300,000.00 net via bridging finance as he needs the funds quickly to complete the final stage of works.

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After further discussion with the client, we discovered that the client had other commercial properties which could alleviate any concerns for the lenders of it being a regulated bridging finance.

This suited the client’s needs as the exit strategy is an Expat BTL mortgage, which would be sourced through us as well as. This will give him a peace of mind that all his property needs will be dealt under the same roof.

Note: Current Max LTVs for Bridging Finance for 1st charge bridges are 75% but lower for 2nd charge bridges, typically 60%.

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If you have any questions about Commercial Finance, contact us today to speak with our CeMAP certified Mortgage Advisors at 0113 8730 740. Alternatively, complete this short online form for a callback.