Bridging finance has long been associated with the classic ‘chain break’ scenario.
But with its flexibility and affordability, bridging finance can be used in a wide variety of circumstances: including where equity release may not fit for your client in the first instance.
Why use us for bridging loans where equity release might not fit?
- No maximum age;
- Rates as low as 0.48%;
- LTVs up to 80%;
- Bridging loans from £10,000 (secured loans from £3,000);
- No monthly payments or affordability calculations to be carried out;
- All credit profiles considered;
- Bridging loans can be re-paid once the equity release completes.
The Right Loan could help with scenarios such as:
- Chain break – Those who are buying and selling a property via a lifetime mortgage, but have found the purchase has fallen through as a result of a chain break, or an issue with the lender;
- Home improvements – Applicants who are looking to carry out home improvements or have started home improvements projects such as extensions;
- Unsuitable properties – Those who are looking to take out a lifetime mortgage, but have learned the property they’re looking at is not suitable at the point of application.
Case Study
A client wanted to raise £50,000 equity release on their property of £140,000 but the property was in a poor state of repair having needed a new roof, suffering from extensive damp. Whilst it was possible to do equity release once the property was restored to good condition we were able to arrange a bridging loan to fund the repairs and this was repaid when the introducing adviser arranged the equity release.
The property value had increased substantially and not only was the client able to get the equity release they originally wanted it was also at a much better rate of interest.
The Right Loan – A partner to your business
To find out available opportunities for your business and your clients – or if you have a pressing case on your desk – give us a call today on 01564 791 118 or by emailing info@therightloan.org
