Bridging finance has proven once again to be key to an auction sale in Wirral with BFS providing a £176,000 short term loan for the purchasers.
A small construction company in the borough were keen to secure the property in Eastham under auction conditions, using a bridging loan to purchase, and would fund the refurbishment work themselves.
Speed was key due to the terms of the auction, with balance of the purchase price due to me made within 28 days of the property purchase. The client agreed to the terms of the loan in advance of the auction with a 12 month repayment agreement in place.
Adam Wolstenholme of BFS commented: “This case is typical of how we see our clients using bridging finance. The auction room and bridging loans often work hand in hand and one supports the other in terms of proposition and financial solution. We’re pleased to be able to support yet another small builder in realising their latest project aspirations via the auction route.
“In the past, clients have been sceptical when they see the term ‘bridging finance’, however, this simply translates to ‘fast finance’. Bridging was once considered a last resort form of borrowing, but this really isn’t the case today as bridging becomes increasingly integrated into mainstream finance.”
