Residential Bridging Loan: Client Purchases £590,000 Dream Property in Southampton

The property was priced at £590,000 and located in Southampton. It had previously been running as a B&B, but the client had no intentions of using the property for that purpose. The client therefore ensured that the property’s use had been changed before purchasing.

What were the client’s objectives?

The client’s mother-in-law was living with the client, and the property they wanted to purchase had a self-contained annex apartment, meaning she would be able to have her own space.

To ensure they didn’t miss out on their dream property and to also complete before the stamp duty holiday deadline, the client didn’t want to wait for their current property to sell. For this reason, the client needed a residential bridging loan.

The client also wanted us to use a lender that would accept a desktop valuation, as he paid for an independent report himself.

What solutions did we offer?

We provided access to the finance required with a lender who could satisfy all the client’s objectives and we were therefore able to support the client in purchasing the property and completing the transaction before the end of the stamp duty holiday.

How did we ensure success?

Our expert bridging finance team identified potential lenders from our semi-exclusive panel and pinpointed a lender who was happy to accept a desktop valuation and meet the specific needs of our client to provide the financial solutions they required.

James Danks, our Head of Bridging & Development worked closely with both client and lender to streamline the communication processes between all parties. This allowed for a quick turnaround, allowing the client to purchase their dream property.

As part of our after care service, we contacted the client who confirmed the bridge had already been exited and the client was appreciative of our professionalism throughout the process.

SUMMARY:

• Residential bridging loan provided for a £590,000 property located in Southampton.
• Client needed the purchase to complete as soon as possible to avoid missing out on his dream property, whilst also benefitting from the stamp duty holiday.
• Our expert team provided access to the finance required within the needed timeframe and with a lender who could satisfy all the client’s objectives.