Funding the purchase of a clients’ dream home
See how our team secured a crucial bridging facility to help our client downsize before selling their property.
£700,000 Bridging Loan
Our clients were looking to downsize from their existing home and managed to find their dream property in the process. Since they didn’t want to miss out on this property but hadn’t yet sold their previous home, they needed a bridging loan that allowed them to purchase their new house early.
Additionally, our clients wanted a further £100,000 loan that would be used to cover a variety of home improvements and Stamp Duty Land Tax. Using both the existing and new properties as security, we provided a £700,000 loan to cover both the value of the new property and the additional loan amount required.
This loan was provided at a 48% LTV on a 12-month term with a retained interest rate of 0.59%. This bridging loan was organised swiftly to ensure that the client was able to secure the property they wanted without issue which would be repaid upon the sale of their existing property.
Overview of Case Study
- Product: Regulated Bridging Finance
- Value: £700,000
- Loan: £1,450,000 (both existing property and new property used as security)
- LTV: 48%
- Term: 12 Months
- Rate: 0.59% (Interest Retained)
- Exit: Sale of existing property
Quote from the Introducer
‘’The service provided from the moment I submitted the initial lead to drawdown was fantastic. Forecast Finance were excellent to deal with, and the feedback to me and the client was always very quick and accurate, meaning the deal progressed as was always needed.
The loan was perfect for the client and the Forecast team were a pleasure to deal with. They were clearly experienced and had a good relationship and knowledge with the lender – they felt like a seasoned partner rather than it being our first deal together!
The speed at which issues and questions were dealt with was excellent and I would 100% recommend Forecast Finance. Great loan and product with great service.’’
Ref No. CS8
