Recommendations

• Case Study A: Our client was issued with a repossession order. Due to illness the client had missed several mortgage payments and the arrears were increasing quickly. There was only a small mortgage on the property with plenty of equity but a remortgage was not possible due to the amount of missed mortgage payments. A small second charge bridging loan was secured on the property to clear the arrears and stop the eviction. Through out the process of applying for the second charge the client was offered advice on how to prevent the eviction process thus allowing time for the bridging loan to complete. Once the bridging loan was secured, a new, more permanent form of finance was provided to redeem the original mortgage and second charge loan thus giving the client a fresh start.
• Case Study B: Our client had bid for a house at auction which had been accepted. As per the legalities of an auction, the client paid the 10% required deposit and required the funds to complete the purchase in full within the 28 day period provided by the auctioneers. A second charge bridge was placed over the client’s current residential house and a first charge bridge over the new property allowing the purchase to be made within 11 days, exceeding all expectations. The client has now sold the original property and taken a small mortgage on the new property to repay the bridging loan in full.
• Case Study C: A client approached us with a small cleaning business, the business had rapidly incraesed in contracts and the client required funds to purchase the required equipment to enable them to carry out the works agreed and retain future contracts. A bridging loan was secured on the client’s business premises allowing the investment to be made. The clients decision was seen to be correct as the cleaning business has now increased dramatically i size and the bridge was repaid within 4 months from the proceeds of the increased turnover and profits.
• Case Study D: We were contacted by an experienced property developer who was struggling to obtain finance due to the recent downturn in the market. He was part way throough the building project and required further funds to complete the property and sell. Finance was secured on some of the clients other assets and he subsequently sold a number of completed units and the bridge has been repaid after 8 months.

We can provide many more examples and provide more information on the different types of bridging loans available.