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Third (3rd) charge bridging loan for non-resident UK national
Bridgingloans.co.uk are happy to announce that we have today completed the arrangements to fund a third charge bridging loan of £200,000 plus interest etc on a client’s main residential property. The money was used to urgently purchase the applicants office premises where his business had been trading for many years and was about to be sold to a competitor.
The residential security property in South London was valued at over £3 million and had a high street first charge mortgage of £300,000 with an excellent base rate tracker. The £250,000 second charge loan was from an asset finance company and also on an excellent rate for a second charge of in the region of 4% per annum. The client urgently needed £200,000 extra but for obvious reasons did not want to repay either his first or second charge with a higher rate loan.
The client was a UK national but spending the bulk of his time outside the UK as a non-resident, and due to the nature of his business, income proof for traditional finance such as a mortgage or remortgage was not possible. The only finance option remaining that we could arrange therefore was a third (3rd) charge bridging loan.
Anyone involved in bridging finance knows of the rarity of such a product however bridgingloans.co.uk managed to arrange this for the client at an interest rate similar to that obtainable from most second charge lenders.
Further complexity arose when we discovered that the client could not travel back to the UK to finalise the funding due to a medical condition. Bridgingloans.co.uk managed to locate a solicitor who had offices in both the UK and the client’s current residential location and who had the insurance required to guarantee the relevant money laundering checks etc required on the client whilst outside the UK. A Skype conversation also took place to complete the deal and fund the project in just over 5 days from initial contact.
The client is over the moon with how bridgingloans.co.uk managed to resolve his urgent funding needs.