£500,000 regulated bridging finance for chain break client

£500,000 regulated bridging finance for chain break client

Article by James Palmer Associate Director - Specialist

What was the situation?

I was approached by a client looking for a regulated bridge. The reason they required bridging finance was because they had found a property they wanted to purchase, but were still waiting to sell theirs.

The client felt that this was their dream house and they really didn’t want to lose the property whilst waiting for theirs to sell. The most suitable solution was a chain break bridging loan for £500,000 which would allow them time to sell their current property without being rushed.

What was the issue?

Apart from the time pressures of potentially losing the house, the application was relatively straightforward.  However, unstable market conditions did add a layer of complexity throughout the application process due to volatile interest rates.

What was the process?

The key to success in this application was ensuring we used a lender who offered great customer service in assisting us to find the most suitable terms available in the market.

We leaned heavily on our lender relationship to get the facility funded within a short time scale by making sure we were always on hand to take calls, responding to emails  promptly and jumping in when needed, even outside of usual working hours.

What was the solution?

We were able to successfully secure a competitive facility so that the client could purchase their dream home.

By obtaining the bridge, the client has had time to sell their current property without having to take a quick-fire sale.

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