A sibling development team have secured a £234,000 bridging loan from Bridging Finance Solution in order to redevelop a three-bedroom semi-detached property in Alderley Edge, Cheshire.
The duo were unable to secure a standard mortgage due to the extent of refurbishment works. High street lenders typically require an electrical and EPC update before a mortgage would be viable.
Time and speed was significant factor, and the clients were inevitably keen to ensure the transaction went ahead as quickly and smoothly as possible. Open lines of communication were maintained between the broker, clients and solicitors throughout, allowing the bridging deal to be completed within the necessary time frames, and the property was ultimately secured.
Becky Myers of Bridging Finance Solutions commented: “Time is often an overriding factor with many of our cases, and this was very much the position of our clients here. Development opportunities such as this, where a quick sale is needed, can result in a more competitive purchase price which can also mean a lot of competition – ultimately, this can become a race where the quickest person to secure the funds secures the property.”
Becky added: “We’ve invested considerable time and resources into technology and processes that allow us to streamline every application. We also have highly experienced staff and reliable and knowledgable partners who can make every approved application happen together.”