Regulated Bridging Loan for HNW Couple to Assist with the Purchase of their New Home

12th February 2024

Fergus Shires

Interior Design
Fergus Shires

Fergus Shires

  • Client: HNW Couple
  • Property Value: Approximately £4,400,000
  • Loan Amount: Above £2,000,000
  • Interest Rate: 9.09% Variable Rate Regulated Bridging Loan

Enness were approached by a couple looking to secure a bridging loan against their high value main residence so that they could downsize to a nearby property.

The clients’ ages and income meant it was not possible to obtain a traditional mortgage. The clients had recently built their existing main residence to a very high specification, but due to an unforeseen incident, they needed to downsize to a property with a more suitable layout which would accommodate their living needs. 

The clients also wanted longer than a 12-month term, which is typically not possible with regulated bridging finance, so that they could sell their home at the most preferable time of the year. Most regulated bridging lenders, when the repayment strategy is sale of the security property, will demand that said property is on the market for sale at the point the loan application completes.

We carried out extensive fact finding in order to best understand the clients’ requirements, so that we could in turn structure the most suitable borrowing option for them.

The clients had approached several other brokers who were presenting expensive bridging terms with a maximum loan term of 12 months.

Our access to the entire UK lending market allowed us to provide significantly more competitive borrowing terms—18 months with a lower interest rate. This allowed the clients to wait for improved market conditions to sell their home, making it their most favourable option.

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