Bridging isn’t always complicated and often can be a simple fix .
BFS has agreed to provide a £287,000 bridging loan to a client keen to secure his dream four
bed detached home in Merseyside.
The client had secured a mortgage with a high street lender, however, the deal fell apart at
the last hurdle when the lender raised concerns over the condition of an existing annexe.
The client approached BFS via the broker to bridge the purchase of the property, remove
the annexe and subsequently re-mortgage with the lender in six month’s time.
BFS provided a £287,000 bridging loan which marked 70% of the property purchase price,
£410,000.
Adam Wolstenholme of BFS explained: “This was a very straightforward bridging loan with
none of the complexities often associated with a typical bridge. It was a simple and efficient
way of ensuring that the client secured the property within the necessary timeframes.
Works at the house should be relatively simple and once complete, the client will repay the
bridge and reapply to the same lender.
“Helping clients and brokers understand the various ways in which they use bridging finance
is part of our role and sometime it can be as simple as this!”
