Mr. M. from Exeter - £40k Bridging Loan, six months.

Mr. M inherited his mothers house and intended to renovate the property for re-sale. To achieve this he intended remortgaging the property to cover the cost of works which should have been a straight forward proposition. Unfortunately whilst applying for the mortgage he commenced work by stripping out all of the old fixtures and fittings.When the surveyor valued the property, it was deemed uninhabitable due to the condition and the mortgage was refused.

Mr. M. approached us and we arranged a £40,000 bridging loan over a six month period to cover the cost of refurbishment. Once the work had been completed, Mr. M. was able to sell the property at full market value.

Mrs K from Southend - £35k Bridging Loan, 4 months

Mrs. K. agreed to purchase at auction a terraced property previously used as student accommodation for £39,000 paying the initial deposit from her own funds and exchanging contracts. The bank had provided Mrs. K with an agreement in principle for mortgaging the balance.

On application, it transpired that a CCJ and mortgage arrears were lodged against Mrs. K. and the bank retracted their offer. With only four days to go before completion date, we arranged a four month bridging loan to enable her to complete and subsequently arranged for the loan to be redeemed with a more suitable mortgage from a a buy-to-let lender.

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