How can we help you?
We invite you to get in touch via a free, no-obligation initial consultation.
A retired couple needed to raise £165,000 to help a parent complete an urgent home purchase. The client’s mother had already exchanged contracts and moved into the property she was downsizing to.
However, the property transaction was suddenly at risk when her buyers pulled out unexpectedly. This resulted in the buyers of her original property having to pull out of the transaction, putting the transaction of the new property at risk, even after the exchange of contracts!
This created an urgent need for additional funds to keep her property transaction secure and prevent eviction from the new property she had already moved into.
The client was introduced to Private Finance as a trustworthy and specialist mortgage broker. Our mortgage expert quickly understood that traditional financing options would have taken too long to meet their tight timeline, and identified a 12-month bridging finance solution that would provide a swift solution to cover the funding shortfall.
Since the mother’s property was not yet registered with the land registry, placing a charge on it for the bridging loan was not feasible within the necessary timeframe. To overcome this, the son and his spouse used their own £700,000 home as security, enabling them to raise the required £165,000 quickly to complete the mother’s transaction.
If you are interested in discussing how bridging finance could work for you, contact our bridging team today on 0800 980 8777 or email info@privatefinance.co.uk.
