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.
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 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.
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.
If you have any questions about Bridging Loans &/or want to receive a free quotation, please call 03303 112 646 today. You can also fill in this short online form to get started. Our team of Bridging Loan Experts will get back to you straight away.