Bridging Finance- Residential funding Case Study
A client had inherited a property and wanted to renovate it. He stripped out the interior of the property.
He tried to obtain a mortgage but the property was deemed inhabitable. The client had a major problem because he did not have any funds to renovate the property and the builder wanted paying.
He contacted Mayfair Consulting and got a bridging loan for £102,000 over six months. Our client was then able to completely fit out the property and pay the builder on time.
After six months we organised a traditional mortgage to pay off his bridging loan.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
