Bridging Loans

Purchase of land at auction

 

Our client was recommended to Clear FS after he had agreed a purchase at auction via indicative finance terms provided by another brokerage, however after applying for the finance the lender then withdrew the terms and the brokers could not find a solution for our client. Under immense pressure and very short timescales we found the most suitable lender for our client to ensure he completed within the timescales required and did fall in breach of the auction contract and lose his deposit.

 

Purchase of a semi commercial property in need of repair

 

Existing clients of Clear FS approached ourselves about a semi commercial property in need of repair that was offered to them. After speaking to lenders and surveyors it quickly apparent the property was not mortgageable in its current state. We quickly arranged a refurbishment bridging loan on preferential terms for our clients so that they could purchase the property and complete the required repairs. We are now in active discussions about the refinance facility to pay off the bridge so that they can keep the property in their existing portfolio.

 

Purchase of property for conversion to HMO

 

Our clients approached ourselves having seen a detached property which had potential for a large conversion to a 10 bed HMO and was in a prime area. After initial discussions it quickly became apparent due to amount of work required that a bridging loan would be the best solution and allowed our clients to complete within the stamp duty holiday. Now that the works are completed Clear FS are speaking to new lenders on behalf of the clients to secure refinance to pay off the bridging loan.

 

Regulated bridge for purchase of residential property to live in

 

Existing clients of Clear FS approached ourselves as they had seen a property for sale that they had been interested in for a long time. They had not been actively looking to move however had both agreed that if this property came onto the market they would look to move. After speaking to the sellers our clients were advised that it had to be a quick sale and they would not look to move if there property was going on the market. Based on this situation we arranged a bridging loan to help our clients purchase their dream home with them safe in the knowledge that the equity from their existing home would more than cover the bridging finance facility.

 

Bridging loan on an existing buy to let property to raise money for business purposes

 

Our client had received a proposal that would help him grow his business and required funds urgently as the deal was very time sensitive. Based on the shortest of timescales Clear FS quickly arranged a bridging loan against one of his buy to let properties and arranged the refinance post completion to pay off the bridging loan as soon as possible.

 

Bridging loan for purchase of land with planning

 

An existing client of Clear FS enquired about finance for a plot of land with land that he had been offered via a private sale. Our clients intention was initially to purchase the land as he felt it was a good price based on the seller needing a quick sale and then decide long term plans but was more inclined to sell again via an estate agent. We advised our client to take bridging loan in this situation which gave them 12 months to decide what they wanted to do with the land