Rebridge of bridging loan not meeting exit deadline

Rebridge of bridging loan not meeting exit deadline

Area
Newcastle
Capital Raised
£100K

Approaching the end of your bridging finance loan term can be extremely stressful if you haven’t managed to execute your exit strategy. Don’t panic: we’re usually able to arrange re-bridging for you, quickly and affordably.

The Scenario

Our client had come to us for a minimal £50K bridging loan to refurbish her mortgage-free older-style 5-bedroom detached house before selling it. The funds were also to pay for basic building works on an extension and renovations on the flat above a pub she owns that she was intending to move into.

Twelve months later, the house had failed to find a buyer, and living in a partly-renovated flat had lost its appeal.

She was looking for a re-bridge to give herself time to find a buyer for the house, and sufficient additional funding to pay for the pub-apartment to be completed.

The Solution

The 5-bed house now has a new bathroom and kitchen and new tiling and carpets throughout, including in its “granny annexe”. Offers had been made, but for various reasons they had fallen through.

With a valuation of £225K the feeling was not that the property was overpriced but that it just needed more time to find a buyer to recoup its value.

Meanwhile, in the flat over the pub the required works included building the extension, a loft conversion, fitting a new kitchen and bathroom and decoration throughout. An additional £50K of funding would allow her to get it completed.

Going to a new lender for a larger loan amount allowed us to access an offer that hadn’t previously been available, and the client’s loan costs were reduced from 0.54% to 0.49%.

More about bridge finance

 

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0117 959 5094

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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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Paige Dumpleton

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0117 959 5094

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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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