Bridging Loan to Downsize into Retirement Property

Bridging Loan to Downsize into Retirement Property

Area
Bristol
Capital Raised
£330k

The Scenario

Our clients were looking to purchase a home for retirement, downsizing from their original residential property. They would need a fast bridge loan to facilitate this, yet certain challenges threatened to hinder the process.

Our clients approached us looking to buy a retirement flat – this would be downsizing from their current home located in Bristol.

The reason for their bridge loan was for the purpose of speed; the flat was at risk of being relisted, and they wished to be able to move into the retirement flat before their previous residential home had sold.

For this to work, they would need to bridge the gap with a suitable loan of £330k.

Their property in Bristol was valued at £700k and already on the market, so once sold, this would act as a sufficient exit strategy for repayment.

Aside from the time pressure, there were also other concerns. The loan size would be quite large, and finding a lender could prove difficult with favourable terms.

Additionally, one of our clients had aphasia – which had the potential to cause communication issues with both lenders and solicitors, slowing the process down when it came to the specifics of the case. 

With all this said, our clients needed to get underway with organising finance before they missed out on their retirement purchase, and time was of the essence before the property was relisted.

The Solution

Here’s how we helped our clients get the solution they needed while also being attentive to our client’s disability:

  • Throughout the process, we had several video calls with our clients to make sure everything was going smoothly and that all was understood at every stage. We were there to assist with anything they needed.

  • For the bridge loan, we approached a suitable lender through our network and managed to secure the £330k over a 12-month term at a monthly rate of just 0.45%. 

  • Importantly, we approached a lender that offered joint representation through a solicitor. This ensured that our clients would not have to instruct their own or worry about potential communication issues.

  • Despite difficulties with delays from solicitors due to having to switch halfway through the process, we managed to complete the deal within 2 months from application to offer.

  • Our clients got the loan and could purchase the retirement flat before it was relisted, and could comfortably repay the loan through the sale of their Bristol residential property.

Throughout the twists and turns, we still managed to organise finance for our clients within the time frame they needed. We made sure to be as accommodating as possible in light of our client’s disability and get them exactly what they needed.

Without securing a bridge loan, our clients were at risk of missing out on their retirement flat plans - a great example of the speed and flexibility of bridging products and our service.

 

Max Mallinson

Finance Broker CeMAP

Cardiff

0117 332 5977

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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Nick Kerley

Finance Broker

Cardiff

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Louis Levine

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Bristol

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Sam Baker

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

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Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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