Supporting with legal costs after divorce

See how Forecast Finance quickly secured a £250,000 bridging loan to help a client cover pressing legal fees.

£250,000 Bridging Loan

Our client was looking to sell one of his buy-to-let properties as quickly as possible to cover the legal costs from his divorce. A condition of his divorce stated he needed to remove his ex-wife from the deeds first, so a short-term bridging loan was identified as the correct solution. He was initially referred to us by an Introducer.

The bridging lender we thought most appropriate offered the client a competitive rate and the ability to complete the transaction within the required time frame of five weeks.

A loan of £125,000 against his property worth £250,000 was raised, allowing the client to redeem the current lender, cover his existing loan costs, and remove his ex-wife from the deeds. The terms offered were over 12 months, with the interest being retained, meaning the client would not need to service the loan throughout the term period.

Despite incurring a few delays, including waiting for the necessary, signed documents from the client’s ex-wife, the legal process was smooth, and the client was very pleased with the outcome.

The Introducer earnt £1,905 from this loan deal.

Overview of Case Study:

  • Value: £250,000                                            
  • Loan:  £125,000
  • LTV:     50%                                                    
  • Term:   12 Months
  • Rate:   0.89% (Interest Retained)
  • Exit:     Sale
  • Time:   From terms accepted to completion – 2 months

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