EXPRESS BRIDGING LOANS

Open ended bridging loan to raise capital:

A 9 month bridging loan was provided to a 90 year old lady, to redeem her equity release mortgage and to provide additional funds to cover her living expenses, pending the sale of her long leasehold flat. She could no longer live alone and had moved into a nursing home. Security for the bridging loan was a first charge on the flat, which was on the market for sale. Interest was rolled up. All negotiations took place with her two sons, who had been given Power of Attorney.

Bridging loan for overseas retirement purchase:

Mr & Mrs R had agreed to purchase a property in Portugal to spend their retirement abroad. Their home in Devon had sufficient equity even taking into account the fact that they had a mortgage. We arranged a four-month bridging loan to enable the property in Portugal to be purchased and allow their house to be sold under no pressure and with no rigid time scales.

Bridging loan for speculative property purchase:

Mr C had decided to purchase a property in Brighton without planning consent. A bridging loan advance of £350,000 was made initially. Once planning consent was forthcoming a further bridging advance of £200,000  was made against an increased valuation.

YOUR HOME OR BUSINESS MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.