The case in brief
- Client: Expat in Singapore
- Property type: Residential Home
- Property value: £ 700K
- Loan Amount: £525K
- LTV: 75%
Bridging finance is an increasingly popular alternative for residential property as rates are becoming more competitive. This is a viable method of purchasing a property when speed is a factor to consider. These short-term loans can be turned around in a matter of days, so they are an excellent means to raise fast funds.
To find out more about property finance for overseas clients, explore our Overseas Mortgages page.
Our client
An expat client recently approached Articus in Singapore who had found an attractive investment opportunity for an extraordinary country house in the Surrey area. Our client needed to act quickly to secure the property valued at £700.000 due to price rises in the market.
On top of this, they faced several issues. For one, the previous broker they contacted did not conclude the process, as the property couldn’t be mortgageable due to problems with internal structures. Therefore, it had to undertake a refurbishment. This is common problem property investors encounter when it comes to the valuation stage.
Needing this bridge in order to purchase the property and make the refurbishments, the client required expert advice on the best and quickest way to proceed.
Our solution
The broker knew a bridging loan, individually negotiated and fast to arrange, would be an ideal solution in the first stage of this case.
The broker approached a bridging company which we work with regularly. We knew that we could have the application fast tracked and complete within a matter of weeks.
Our broker was then able to find a suitable and competitive lender that could remortgage the client off the bridge once the works had been completed.
Using our expertise and connections, Articus created a quick and painless solution perfectly suited to the client’s circumstances. Learn more about Bridging mortgage here.