Status
Live – expected redemption April 2021
Borrower Requirement
Borrowers required bridging finance to complete the purchase of a property agreed at action. Obtaining a mortgage was not possible due to the current condition of the property and so time was of the essence to secure funds and complete the purchase before the agreed completion date.
BIG Solution
Understanding the tight timeframe for the clients to secure funds and complete the purchase, BIG agreed to speed up the process and release funds without a valuation given that the auction price was a reliable indicator for BIG to establish the property’s 180-day value. Two weeks from initial enquiry to release of funds.
Underwriting Consideration
Clients had previous experience with similar projects and are existing BTL landlords which gave BIG comfort as on the occasion the property did not sell, the clients would be able to retain and let it through a BTL mortgage up to 70% which would settle the debt with BIG.
Anticipated Exit
Clients plan to refurbish and sell to clear the debt with BIG.
BRIDGING LOANS
Bridging loans provide the borrower with short term finance secured against property assets.
DEVELOPMENT FINANCE
Available to developers and investors with a track record in residential development and / or refurbishment
JOINT VENTURES
We will consider putting up to 95% of costs for residential development of refurbishment and joint ventures.
