Bridging Loan to Purchase a LeaseBack
Tuesday 28th January 2020
We were approached by a borrower who needed to release funds from his property to purchase a lease on a public house. The borrower previously had finance in place via a second charge loan which fell through at the last minute, which left him just 7 days to complete.
The borrower was offering his BTL as security, however, it had a number of charges. In order to complete in time, the borrower understood all charges needed to be repaid as we couldn’t wait for consent from the mortgage.
Redemption statements were already obtained by the client's solicitor and we were able to have the previous valuation report retyped to the new lender.
All working together funds were released on the 5th day from the point of enquiry. This is a prime example of the ability we have to structure a deal with speed and efficiency.
Cut through the red tape with our hassle-free application process. We can typically confirm almost immediately whether your loan application is likely to be successful.