Case study: 3-week completion
Updated: Oct 25, 2022
The case introduces an experienced mother and son duo, who raised a 2nd charge on their residential home. The bridging loan was to fund their purchase of a new buy-to-let 6-bedroom property in Birmingham.
Basics
Tenure: freehold
Property value: £1,015,000
Initial Gross Loan: £404,750
Loan term: 12 months
The clients were under pressure to complete within a tight deadline – 3 weeks – which our team met without any significant issues.
Exit will be a refinance of the new property with a term buy-to-let loan where the expected rent is sufficient to support this.