Products > Bridging Loans
Bridging Loans
Bridging Loans are fast becoming a popular way to raise finance quickly. The 3 most popular uses of Bridging Loans;
• Chain Breaking Mortgage
A client paid their £30,000 deposit over to their solicitors as required to exchange to keep a chain moving. There was a major problem in that the buyers of their property had just pulled out that day and both transactions were supposed to complete simultaneously the following Friday.
If they didn’t complete by the following Friday they could loose the £30,000. Their mortgage on the new property could not complete as it was a condition that they cleared their old mortgage from the sale of their existing property.
We were able to arrange a Bridging Loan secured against both properties to enable the purchase to complete the following Friday.
• Pending Repossession
A client was in the unfortunate position that his home was due to be repossessed. The client had been approved for an adverse credit mortgage but it was due to take up to 4 weeks to complete. This was not fast enough to prevent the repossession so the Bridging Loan team stepped in and dealt direct with the Bank who were taking repossession and cleared the debt with the bank within 4 working days and saved the client's home. The re-mortgage took place 6 weeks later and the bridging loan was cleared.
• Inland Revenue
A client received a statutory demand from the Inland Revenue for £70,000 over a long running dispute. He had 7 days to pay, The client had recently inherited a property that he had rented out valued at £165,000. As the property had no mortgage the client delivered the deeds to the office and we managed to value the property the same day. We advanced the client £85,000 to settle his legal bills and pay off the Inland Revenue.
As a Moneybrain advisor you need to be able to provide your client with every conceivable financial solution. Since 1994 each varying requirement has been catered for. And if you feel we need to bring anything else to the product portfolio for the benefit of you and your fellow advisors we are very pleased to open discussions with any provider.