Securing a bridging loan to avoid eviction

Sometimes cases resonate with advisers. They are the most memorable and provide the most job satisfaction, especially when you can tangibly see the impact you are having. This client was an unforgettable case for me.

What was the situation?

One Monday morning, a client called me in distress stating they were going to be evicted from the family home where they were living with their partner and two disabled children.

The client had been in a longstanding and ongoing legal battle which impacted their home life. The court had ultimately decided against the client and by the time they contacted me, the client had only had five days to raise almost £200k against their unencumbered property. The court order was for £260k but they were advised that £200k was likely going to be enough to get them to settle.

What was the issue?

The applicant’s credit status and level of income meant a traditional mortgage wasn’t going to be possible, notwithstanding the five-day deadline to get finance in place.

What was the process?

I advised the client that a bridging loan was going to be the best way to raise the funds in such a short timescale, but even with this in mind it would be extremely difficult to get the lending through in such a short space of time.

I immediately knew which lender would turn things around quickly and submitted a proposal, explaining the situation and the urgency involved. Terms were issued at a very competitive rate, and a full application was submitted with the valuation being instructed soon after. I fully packaged the case and was thrilled to have an offer subject to valuation issued.

I had an existing relationship with the surveying firm and was able to inform them of the urgency. Ordinarily the report would take 3-4 days to come back to the lender, however it took less than 24 hours. The lender then signed off on the report.

What was the solution?

I provided the offer, the valuation report and a covering note to the client’s solicitor who was able to submit the documents to the court on the Friday at 3pm. I received a call an hour later from the solicitor stating the eviction due to take place on 9am Monday had been cancelled.

At the time the call came in, the client was of course upset and packing their family’s belongings into boxes when it was confirmed that the eviction had been stopped. Needless to say, they were over the moon.

Arranging a bridging loan has bought the client a full year to get their affairs in order and prevent them from becoming homeless.

I feel very proud to have been able to help my client. It’s been a privilege to have helped them in their situation.

Lending solutions with LDN Finance

Do you have a unique situation that may be causing financial strain? Perhaps you are also facing eviction from your home and do not know what to do? You are not alone. We’re here to help you find a solution – no matter how complex your circumstances. At LDN Finance, our specialist brokers have extensive experience in providing creative solutions to secure large loans for our clients.

We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates. 

Get in touch with us to organise an initial consultation.