Bridging Loans and Finance
Poor Credit Rating Hurdled Successfully for Developer
Building an extra property needs extra funds, especially if that’s going to help you out of financial difficulty. That’s what we organised for a client who needed some additional funding for a new-build.
Sourcing Additional Funding with Bad Credit
The client needed additional funds to enable her to submit a planning application for a new-build adjacent to her existing buy-to-let property, but she had adverse credit ratings and was in default on several loans.
What We Did
Using the buy-to-let as security, we organised a bridging loan that allowed the existing borrowing to be refinanced and made additional funding available to pay for the planning application.
Despite the client’s poor credit rating, our Property Finance Specialist Colin made sure the deal was completed successfully.
A New Home
Since the loan came through, it has now been repaid through the sale of the client’s old residence and she is currently building her new house right next to her investment property.
