Regulated Bridge

The Client:

A client was looking to purchase a property via auction which came with a strict completion deadline. As the client was a foreign national, sourcing a lender able to lend could have been a difficult process.

The Scenario:

As specialists in bridging as well as foreign national mortgages, we were able to find a lender who would consider the case within 24 hours. The value of the property was £200,000 with the client providing a deposit of £80,000.

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The Solution:

The first thing we did was to source a viable exit strategy for the client to ensure they would be able to clear-off the bridging loan – also known as “exit the bridge”. After referring the case to several suitable lenders, we provided the client with two competitive remortgage options. This provided the client with the peace of mind they required to meet the affordability criteria to be able to pay off the bridging loan and also meeting the main requirement for the bridging lender.

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We then requested all packaging requirements in advance from the client to ensure that the lender was able to review the case as quickly as possible so that we could ensure the legal work could be carried out without any delays.

After meeting the completion deadline, we were than able to focus on the re-mortgaging of the property so the client could recoup the interest costs of the bridging loan, as well as having the security of knowing they have a long-term mortgage on the property. 

Summary:

With expertise in bridging loans and foreign national mortgages, we swiftly secured funding for a client purchasing a property at auction, meeting a strict completion deadline. By providing competitive remortgage options and efficient packaging, we ensured a seamless transition from bridging to long-term financing, offering peace of mind and financial stability.

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.