Bridging loan case studies
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
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
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.
Contact us today to discover how our bridging loans can help you do the same.