Bridging Finance case study
Background
Mrs O’S secured a property off plan in Spain as a retirement home with a £5k deposit.
Problem/Opportunity
There was sufficient equity in her London home to purchase the Spanish property outright but her house in London had not yet sold. To secure the Spanish property she had to raise £120K in 10 working days or she would lose her deposit.
The Solution
We arranged a 3 month bridging loan in 5 working days to enable her to complete the purchase of her Spanish home. She was under no restrictive time constraints and could extend the loan if her London house remained unsold for longer than the initial 3 months.
Key Benefit
Speed and flexibility were important to this client as all of her future plans were reliant on the success of this deal.
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