Expired Bridging Loan Investment
Our client initially came to us in 2017 with an existing portfolio of 8 properties distributed across the UK in her personal name, the portfolio at that time was valued at around £1m.
The client was registered as a full-time property developer on higher rate tax, looking for further opportunities to develop her portfolio.
Senior Buy to Let & Bridging Specialist
Having identified a lucrative investment opportunity in Essex in 2017, the client contacted us to help secure the funds she needed to purchase the property and carry out some light refurbishment work, with the intention of selling as soon as the renovation was complete. With an inital purchase price of £225k, we were able to negotiate her a very competitive Bridging Loan rate via Precise Mortgages. The client was extremely happy with this deal and the renovation work was started.
In 2018, due to unforeseen delays with the refurbishment work, the client reached the end of her 12 month term with Precise before being able to sell on the property.
The client was now facing charges and much higher interest rates. Always looking to help our clients, Senior Broker Louise set out to preempt this situation and help the client secure a new Bridging Loan before the higher charges were implemented.
Well versed in dealing with large portfolios and complex requirements, Louise was able to ask all of the right questions from just a quick call with the client. We take the time to understand the full picture, knowing all of the client’s background ensures that all of our advice is 100% on-point and the client receives the absolute best solution with their overall portfolio in mind.
After reviewing all of the facts, Louise identified that it would be possible to secure the client a much more affordable deal by splitting the new loan across two of her properties, this would give her both the precious time she needed to complete the project and the most cost-effective option. With vast experience of navigating the complexities of Bridging Finance, Louise was also able to call on her many established lender relationships to check every deal that would suit the client’s particular needs.
After calling several lenders to personally discuss the client’s case, Louise identified Together Money as a potential lender as they not only offered the most competitive rate but also guaranteed a quick decision and use of our dedicated in-house underwriter within Together.
Ever striving for a seamless service, Louise was able to verify and check every element of Together’s criteria to ensure a fast turnaround and foresee any potential contentions that may have arisen in the application process.
All of this combined with Louise’s practical approach is what sets our brokers apart and ensures that the client receives the most hassle-free service.
⭐️⭐️⭐️⭐️⭐️ The Client said “I highly recommend this company. All of the team provide an excellent, friendly and professional service. Louise and Sarah are very knowledgable and go that extra mile to progress your cases and keep you updated along the way. Very good aftercare too.
What The Client Said
|Initial Purchase Price||£225k|
|LTV||40% (as multiple properties used)|
After all of Louise’s fast and thorough due diligence, the client was able to proceed with a brand new Bridging Loan with an amount of £265k, split across two properties.
Together were instructed to pay off her existing Bridging Loan to avoid any additional charges. The valuation was carried out within a few days of the client contacting us and the new loan was completed within just one week.
Thanks to Louise’s criteria knowledge, lender relationships and speedy response, the client was able to save thousands in charges. It was good news all round for the client as after being able to complete the vital refurbishment work, she was able to sell the property just one month later, saving even more with the lower interest.