The speed and flexibility of bridging finance makes it the go-to funding solution for a variety of circumstances and not just the classic broken property chain scenario.
A borrower can use bridging to create opportunities for profit where other funding solutions won’t be available, like in our case study below.
Developing an uninhabitable property
Our client required funds to redevelop a £2.2m Berkshire estate. The loan was needed to complete the development works which were running behind schedule caused by delays in planning permission. Once the planning permission was in place, the development could begin. The client estimated that the works would be completed in 9 months and the sale of the property would be his exit.
The challenge
- The property was uninhabitable so this would deter most traditional lenders
- The property ownership was complex: our client was a Saudi national and the property was owned by an offshore Limited company with multiple directors residing in different countries across the globe.
Our solution
- We brokered a bridging loan for £680,000
- Funds available to refurbish the property
- The loan was repaid 9 months later on sale of the development
At Enterprise Finance, we can access rates from 0.44% a month. Here are some more key features of the bridging loans we can source for you:
- Loan sizes from £50k to £30m;
- Loan terms from 1 month up to 36 months;
- Up to 80% LTV (100% LTV available with additional security);
- 2 weeks typical turnaround from enquiry to completion.
Not forgetting unrestricted upper age limits and all credit profiles considered.
With over 16 years’ experience and access to a range of lenders, why not contact us now? or get a quote here.
For more information, drop us a line to discuss your clients’ needs or give us a call on 020 8731 5333.
