Bridging loan case studies 2020
Here you can find examples of how bridging loans have helped customers move into their dream home without having to reduce the value of their current property.
Bridging loan case Study 1
October 2020
Mr & Mrs H were both over 60 & retired. Due to their age & pension incomes, a traditional purchase mortgage wouldn’t be available.
Their house was on the market for £900k (with no mortgage outstanding) & had been for a couple of months. They saw the perfect downsizing property on the market for £600k and had savings of £100k to put towards the purchase. We at Friends Capital, agreed to a bridging loan of £500k to secure the purchase, thus avoiding the need to reduce the price to enable a quick sale.
Bridging loan case Study 2
November 2020
Mr N was due to move into a new-build property last week but his buyer`s chain fell through.
He was under pressure from the developers to complete the deal, as this was the second property chain-break and they had other interested buyers. With a new-build property price of £450k, his current house sale agreed at £300k (with a small balance left on his mortgage) and with savings to use we arranged a bridging loan quote for £200k within an hour & a decision in principle the same day, funds were released to complete the chain within 10 working days.
Bridging Loan Case Study 3
December 2020
Mr & Mrs M are both retired. They have been approached to buy a converted barn close to them by the current owner who wants a quick sale.
They approached us to arrange short term finance, as they did not qualify for a traditional residential mortgage and their current property was not yet on the market, we advised that a bridging loan would be the best way to raise monies quickly.
The purchase price was agreed at £450,000. We raised £200,000 for Mr & Mrs M to add to their savings to enable them to purchase the converted barn before they waited for their house to sell. They are now in a position where they can wait and command a fair price for their exiting property.
Bridging Loan Case Study 4
December 2020
Mr C , a part-time landlord and sole trader spotted an opportunity locally to buy a detached property below market value from a previous visit to the property.
Unfortunately the occupant had passed away & the executors of the estate wanted a quick sale for their benefactors. They agreed to sell to Mr C if he could complete within 28 days before the house was put on the market. They agreed a price of £300,000 , our client had a £450,000 property to sell that wasn’t on the market yet, we arranged a £200k Bridging Loan within 3 weeks to complete the purchase.
Contact us today to discover how our bridging loans can help you do the same.