Customer: Private Client
Category: Downsizing with a bridging loan
Date: August, 2023
Status: Completed
Tags: Downsizing with a bridging loan,bridging loan
About the project
An existing client had just built their dream home in Hampstead, London, NW3 with a GDV of £10m. They over spent on the build and wanted to enjoy the home before they had to sell. The rate secured was a floater at 7.0% pa rolled up for 36 months (3 years) but can go to 60 months (5 years) subjected to equity position (as the interest is retained). We raised £1m.
What we did
We bought the client 36 months to sell and enjoy the home. More than enough time to sell such a luxury home.
- LTV 10%
- Interest Rate 7% per annum
- Rolled up interest
- Interest was retained for the term
Results
We gave comfort to the client to enjoy his master piece and sell at his own pace
- Releases equity on day one
- Bought 3 years time horizon to sell the home
- Did not have to service the loan
- Had funds to complete the build to an exceptional finish and furnishings
Are you looking for a similar type of property finance?
As a specialist bridging loan adviser at Madison Carter Finance, I can take a 360 view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.