A husband and wife team have secured a £910,000 bridging loan from BFS to build their
In September 2017, the clients had purchased a dilapidated bungalow for £550,000 without planning permission in place, using money borrowed from family. In September 2020, the clients released equity using a bridging loan to repay family, however, there where delays with planning and the client therefore had to re-finance with another lender.
The clients approached BFS requesting £910,000 in total to redeem the bridge and build costs. The clients will live in the property upon completion at which point they will refinance with a high street residential mortgage lender.
Upon completion, the property is expected to be valued in the region of £1,400,000.
Adam Wolstenholme who managed the deal on behalf of BFS explained: “This scheme demonstrates how bridging can be used to consolidate deft, move the project forward and develop a clear exit strategy at which point, the loan will be passed to a high street lender.
“The project is now out of the ground and we look forward to working with the husband and wife team as they build their forever home.”