Bridging finance on buy to let owned in offshore trust
What was the situation?
We were recently approached by a client who urgently needed to arrange bridging finance against a buy to let property in order to fund extensive renovation works on their main residence. After a last-minute cancellation, it just so happened that the builders were available to carry out the work immediately, otherwise, they would not have been able to complete the works for another six months.
What was the issue?
Due to the time-sensitive nature of the renovation project, our client needed to have the necessary funds in their account within one week in order to pay the builders. Furthermore, another issue was presented in that the buy to let property, against which the bridging finance was to be secured, was owned under an offshore trust based in Gibraltar.
What was the process?
We made sure to understand the clients’ circumstances, needs, and priorities in full, and immediately proceeded to raise enquiries with several lenders with whom we have a fantastic relationship and knew from experience could get the deal turned around at speed.
As a result, we quickly identified the most suitable lender for the case, agreed terms, and had a full application submitted within two hours. We also made sure to advise the client on which solicitor would be able to complete the necessary legal work within the timeframe required. In order to keep the case on track, we worked with the solicitor outside of normal working hours to expedite the process with the lender and ensure the deal was completed in an efficient, timely manner.
What was the solution?
As soon as terms had been agreed, the solicitors were instructed, and valuation proceedings were set in motion. Despite the deal requiring a lot of time and effort due to the tight deadline and the complications of the property being held within an offshore trust, we managed to secure a fantastic bridging finance solution for the client that enabled them to fund the renovation of their home.
What does the client say?
“ LDN Finance went out of their way to ensure that the deal went through smoothly and were extremely helpful and reassuring. It was good to work with someone as professional and personable at the same time. I would highly recommend LDN Finance.”
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My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
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