Bridging finance is a short-term mortgage secured against your property and is often used to buy a new home before your current property sells, renovate a property before you put it up for sale or upsize or downsize without going through a lengthy mortgage process.
The £12 million property in question was on the market to sell under court order and the existing mortgage had expired. As such, the client needed a loan of £7.2 million to replace existing debt and release fees for the trustees to manage the estate.
If you need a bridging loan of 3 million or above, you’ll find it hard to get the best deal by approaching lenders directly. This type of loan is fast-moving, complex and lots of different parts need to come together at the same time.
In this particular situation, the key was a quick turnaround while still maintaining a competitive headline interest rate. As we have a number of bridging lender connections, we were able to induce a degree of competition to extract the best rate possible. The clients were delighted with this result - the property was sold and loan repaid after 7 months.
As this case illustrates, just because you need a bigger loan, that doesn’t mean you’ll have to endure a lengthier transaction. Enness will be able to secure offers for large bridging loans as quickly as possible and always within the timeframe you need.