Purchase and Refinance – Total bridging loan £136k
Total refinance loan – £155k
The situation: This client was referred to us by another lender who struggled to make the case fit their lending profile. His plan was to buy a pub in Cumbria and convert it into a café and function room, however this did not proceed as he was gazumped.
The solution: We were then able to help him in his next project to buy a house for investment purposes. A bridging loan of £136,100.50 was agreed for the new property secured against that and an unencumbered house he already owned. The bridging loan was suitable in order to repair his credit file and carry out some refurbishment. He then needed to refinance the property in order to get out of the bridging loan and since his credit file had been repaired the loan was easily placed. The total loan was £155,000.00 which meant the bridging loan was fully serviced.