BFS has provided a bridging loan of £134,000 to a client seeking fast funds to repay an outstanding mortgage on an inherited property, along with additional refurbishment funds for necessary work to modernise the property, leading to an eventual sale with a reasonable profit.
The client had left his father’s property in probate. However, an outstanding mortgage was to be re-paid, with receivers looking to repossess the property.
Time was critical in this instance. BFS worked closely with the client to ensure he could retain ownership and repay the outstanding mortgage debt with an additional fund to carry out construction and modernisation works.
Adam Wolstenholme of BFS explained: “This was a very rapid bridging deal. Sadly, the property was in real danger of being repossessed; therefore, we had to move quickly to avoid the family home being taken.
“A total of £20,000 was allocated towards the refurbishment works, and the client hopes this will increase the value and achieve a sale price of approximately £250,000, allowing him to repay the loan and original mortgage with a significant profit retained.
“This was a very urgent deal, and once again, we were able to bring the skills of our professional partners who were able to work to the timeframes required and with the same level of expertise to ensure the needs of the client were met.”