BFS has supported a 79-year-old client with their forever home development, providing a £150,000 bridging loan.
The Yorkshire-based client is developing and building a 3000 sq ft detached home on the grounds of her former home, sold last year. Working in partnership with her son, who is also managing the project, the build is gathering great momentum, however, some issues occurred on site and additional funds where needed to reach completion.
Upon completion, a lifetime mortgage will be placed on the property, however, this can only be drawn once the client moves into the completed build. At this point, the bridging loan will be repaid in full.
Adam Wolstenholme of BFS managed the deal, liaising with the client. He commented: “This was not your typical case due to the age of the client and the type of product we were using as part of the exit strategy.
“As ever, we considered all factors carefully and felt that the deal was one that we were happy to support, and that we had all guarantees in place that were needed. We’re incredibly pleased to be able to support this scheme which once again demonstrated our independent and flexible approach.”
The scheme is now watertight and second fix and plastering will begin. Adam added: “The energy, agility and passion of the client has been infectious and we’re incredible pleased to be able to support the build.
“Many lenders would simply strike this proposition off based on age alone, however, we were able to take a broader view, and, working closely with the client where able to find a solution that works for all parties.”
