Bridging Loan to Secure a Dream Family Home

A spacious Victorian property, a ticking clock, and a family caught between two homes.

Read on to see how a tailored bridging loan strategy saved the day and secured their future.

Client Scenario

The Thompsons, a family of four living in Manchester, found themselves in a unique position.

Their dream family home had come on the market – a spacious Victorian property with a large garden, perfect for their growing children. However, they faced a significant challenge: their current home hadn’t sold yet, and they risked losing out on this once-in-a-lifetime opportunity.

The sellers of the dream home were eager to complete the sale within eight weeks, a timeline too tight for a standard mortgage application. Moreover, the Thompsons were confident their current home would sell within the next few months, making a long-term financing solution unnecessary.

With the property valued at £1.3 million and a required deposit of £350,000, the family needed to raise £950,000 quickly to secure their dream home.

Funding Solution

Recognising the urgency and complexity of the situation, the Thompsons approached us for advice. Our expert brokers immediately got to work, leveraging our extensive network of lenders to find the most suitable bridging loan solution.

They identified a lender who could not only meet the tight deadline but also offer favourable terms given the strong exit strategy – the sale of their current home. Our brokers worked tirelessly to expedite the application process, liaising between the clients, lender, and legal teams to ensure a smooth and swift completion.

Key features of the bridging loan:

  • Loan amount: £950,000
  • Loan term: 6 months
  • Interest: Rolled up and paid at the end of the term
  • No early repayment charges: Providing flexibility for the clients
  • Exit strategy: Sale of current property

Our brokers were able to secure a fast bridging loan and complete the process within 35 days – well within the sellers’ eight-week deadline.

Final Outcome

With the bridging loan in place, the Thompsons were able to purchase their dream home without having to rush the sale of their current property. This allowed them to:

  1. Secure their ideal family home without compromise
  2. Avoid the stress of a rushed sale of their current property
  3. Plan their move at a comfortable pace
  4. Potentially achieve a better price for their current home by not being forced into a quick sale

The bridging loan provided them with the flexibility they needed during this transitional period. Once their original property sold, they were able to repay the bridging loan and refinance to a standard mortgage on their new home.

This case study showcases a specialist finance brokers ability to:

  1. Quickly understand and respond to complex client needs
  2. Leverage an extensive lender network to find the right solution
  3. Work efficiently to meet tight deadlines
  4. Negotiate competitive terms with lenders
  5. Provide a seamless service from initial enquiry to completion
  6. Offer ongoing support throughout the entire process

Let’s talk bridging loans!

Book your free consultation today and let’s discuss how we can help you achieve your property goals.

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