Colin and his wife decided to move from their three-bedroom family home, to a new to market lodge in the peak district. Time was not on their side as the perfect lodge had come to market and they hadn’t sold their house.
This required a quick solution, thankfully there was plenty of equity on the family home allowing the lender to take a charge on the house and release the cash to purchase the lodge.
A personal bridging loan was arranged secured by the house with no interest paid until the whole deal had completed. Meaning it allowed Colin and his wife to obtain the funds to purchase the lodge, whilst they sat on their house and got the best price for it.
Eventually settling the bridging loan from the house proceeds.
Funded: £225,000 Sector: Property Funds For: Short-term bridging loan Timeframe: 6 months
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