The broken chain

Mr & Mrs S were looking to move to the country and had found their ideal home, but the buyer for their existing home decided not to proceed. Not wanting to lose the chance to buy the new country residence, Mr & Mrs S approached their broker to see what they could do. The broker contacted Complete Bridging Loans to arrange funding. By taking a second charge over their existing home and a first charge over the new property, Complete Bridging Loans was able to lend Mr & Mrs S the full purchase price plus costs. The broker then arranged a small remortgage to cover the shortfall in funds needed after the sale of the S's old house.

Market value, not purchase price

Mr D was in the process of extending his property portfolio, but was becoming increasingly frustrated with lenders continually only lending on the purchase price rather than the true value of a property. Mr D was securing good discounts from distressed sellers, but had to utilise more of his personal funds in each transaction than he wished. He spoke to his broker to see if there was any lender that would lend against value. Mr D's broker suggested using bridging finance. Although bridging finance involved higher costs, Mr D realised that the benefit of using bridging finance out-weighed that cost.

Equity release from existing portfolio

Mrs W was looking to increase her already healthy portfolio of properties totaling around £3m. The problem was that all her cash was tied up in the portfolio which had a total of1.6m of mortgages secured against it. Opportunities kept passing her by as she was unable to release the cash in her portfolio quickly enough. Her broker approached Complete Bridging Loans asking us if we could provide her with a revolving 2nd charge facility across her entire portfolio, to be used to help Mrs W fund deposits on new purchases. Complete Bridging Loans was able to release around £300k by taking a second charge on all the properties in the portfolio whose loan to value was less than 70%.

Lender let down

With the worry of a purchase deadline hanging over Mrs K, things were made worse when her bank informed her that the legal process for her loan would be prolonged by "another week or so". Having already extended the deadline, Mrs K began to panic and contacted her broker to see if there was anything they could suggest. Her broker contacted Complete Bridging Loans to see how quickly we could complete. As she already had a valuation report completed for her bank, and with the legal process also already underway, Complete Bridging Loans where able to complete the transaction within 48 hours - giving Mrs K time to spare. Mrs K's long term mortgage completed a month later, enabling her to redeem the Complete Bridging loan.

Quick cash for development site

A property developer negotiated an option to purchase a plot of land with outline planning for 14 flats. He approached his mortgage broker for a development loan but was told that the broker was only able to help out once the existing development was complete. The developer was not willing to miss the opportunity and asked his broker if there was any way to release some equity from his home by means of a second charge, without locking himself into a long term mortgage. The broker approached Complete Bridging Loans, who were able to lend sufficient monies to allow the developer to secure the site.

House conversion and title split

A customer was offered the opportunity to purchase a large house which he intended to convert into 4 flats. Complete Bridging Loans was able to assist in the purchase of the house and the splitting of the title. Once the conversion was completed, the value of the flats proved significantly higher than the value of the house and the customer then repaid the bridging loan with the proceeds of mortgages on 3 of the new flats, leaving 1 flat unencumbered.

Refurb the new - stay in the old

Mr & Mrs F were looking to find the right type of property which they could make their own. They were lucky enough to find the right place for the right price, but unfortunately they could not move straight in as refurbishment was required. They approached their broker who asked Complete Bridging Loans if we could lend them the money to purchase the new property and take a second charge behind their existing home, thereby allowing them to stay there while they refurbished their new one. The refurbishment took 3 months after which Mr & Mrs F then moved into their newly refurbished home and drew down on their high street mortgage. Their existing home was sold a month later, allowing them to repay Complete Bridging Loans in full.

Quick moves for commercial freeholds

Company A was offered the opportunity to purchase the freehold of their office block for £1 .2m providing they completed the transaction within 3 weeks. Traditional sources of commercial finance were not fast enough to make this transaction a reality but, by using Complete Bridging Loans, Company A was able to secure the freehold within the Vendor's required timescale and the long term finance was completed 2 months later.

Auction success - deadline to buy

Mr P had successfully bid on the purchase of a residential property at auction, but failed to start looking for finance until 14 days later. The completion deadline was only 14 days away. His broker, who had been struggling to find a conventional lender that could work to that timescale, approached Complete Bridging Loans. Complete Bridging Loans was able to complete the purchase funding within a week, allowing the broker time to source the best long term mortgage product for Mr P.