Following a serious accident that prevented this client from working, the homeowner was forced to make a sale on his property to manage escalating debts and avoid repossession of his property.
Client – Private client
Project – Raising debt capital
Value – £497,000
The independent client approached BFS via a broker who had worked with bridging previously and recognised its flexibility and varied uses.
Unable to work at all following the incident, the client was forced to explore alternative ways of raising cash quickly, covering outstanding mortgage arrears and debts to the sum of £497,000.
The client had been given a date against which the house would be seized unless full payment was made.
BFS were able to work with the client and broker against pressing timescales, providing the funds within 6 weeks from initial contact and thus preventing repossession. The loan was secured against a five bedroom detached property that the client continues to own.
Keith Litherland, BFS Regional Sales Manager explained: “Whilst this was a distressing case, it does demonstrate the flexibility and real benefits of bridging. People associate bridging with property matters only but this really isn’t the case and bridging can be used to manage and address many different situations.”
The client has agreed to the term of a 12-month bridge, realistically allowing himself the time to resolve his personal situation and financial matters.
Keith added: “We’re really pleased to have been able to work with this client and support him through funding, preventing repossession or possible bankruptcy.”