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Case Study - Expired Bridging Loan - Essex

Case Study – Expired Bridging Loan – Essex

5-Star Rated Award-Winning Mortgage Broker ⭑⭑⭑⭑⭑

Background

September 2018

Our client initially came to us in 2017 with an existing portfolio of eight properties distributed across the UK in their 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 their portfolio.

Louise Noble

Senior Buy to Let & Bridging Specialist

Having been with TBTLB for nine years, Louise has a huge amount of experience in dealing with complex bridging finance, so if you are looking for your mortgage options, you can get in contact with Louise today by calling 08009499410 or by sending her a quick email

The Buy to Let Broker Louise Noble Mortgage Broker

The Challenge

Having identified a lucrative investment opportunity in Essex in 2017, the client contacted us to help secure the funds they 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 initial purchase price of £225k, we were able to secure them 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 the 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.

Our Strategy

Well versed in dealing with large portfolios and complex requirements, Louise was able to ask all of the pertinent 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 quotes are tailored to the client’s individual needs and we’re able to suggest a 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 the properties, this would give the client both the precious time they 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 a range of deals that would suit the client’s particular requirements. 

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. 

The Buy to let Broker London Buy to Let House Blue

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 part of our mission to deliver a hassle-free service. 

The Results

Initial Purchase Price£225k
Loan Amount£265k
Loan-to-Value40% (as multiple properties used)
Mortgage LenderTogether Money

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, the client was able to sell the property just one month later, saving even more with the lower interest. 

Talk To One Of Our Mortgage Advisers To Get Started

The Buy to Let Broker Steve, Rachel and Adam

Feefo Platinum Trusted Service Winner 2020, 2021, 2022, 2023 & 2024 ⭑⭑⭑⭑⭑

If this sounds similar to your own portfolio needs and you want to chat to one of our mortgage brokers, call us on 08009499410. If you are in a hurry, you can also request a callback by entering your details below. 

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