If you are struggling to place equity release with your client, then a bridging loan could be your answer.
Benefits of a bridging loan
- 30% of ER falls through due to condition of the property
- Use a bridging loan as a stepping stone to help their clients to raise cash to complete the home improvements and use ER to pay back the loan
- No income requirements
- No Age restrictions
- Rolled up interest option, – no monthly payments.
- No ERC when paying these back early
- Quick completion – 2-3 weeks
- Other purposes: Downsizing when they haven’t found an existing sale,
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 and kitchens/bathrooms etc. 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 ER they originally wanted it was also at a much better rate of interest.
Get in touch
Get in touch with a member of the team on 01564 791 118 or email info@therightloan.org
