Funding Urgent Structural Works Needed to Complete Sale
See how we helped an existing client repair and sell a property to help repay an existing loan and make a profit.
Bridging loan to fund urgent structural repairs
A returning client of Forecast Finance approached us looking for a short-term bridging loan against a property that needed urgent structural repairs. Originally, this property was to have a term loan raised for it, but the valuation report identified structural issues that needed immediate repairs.
A bridging loan was agreed to help the client refinance away from the existing lender and cover the necessary structural repairs.
We identified Together Money as the best fit for our client, and they worked closely with us to rapidly progress the case, even allowing for a retype of the valuation and engineer reports, saving significant time and money for our client.
A full loan amount of £903,000 was agreed on a 12-month term, with £650,000 going to the outgoing lender and the remainder being used on the structural work.
As a result of this loan, the property was repaired and put on the market. Since then, a sale has been agreed with a buyer, and a portion of the proceeds of this sale will pay off the remainder of the loan.
The client was thrilled with the service and the outcome.
Overview of Case Study
- Product – Bridging
- Property Value – £1,500,000
- Loan Amount – £903,000
- LTV – 60%
- Term – 12 months
Ref: CS12
