Bridging loan to purchase home abroad for consultant with offshore earnings

CONTACT CALLUM

THE SCENARIO

OUR SOLUTION This case was tricky, and I approach several lenders who were reluctant to proceed. However, I persisted with this case and was eventually able to use my excellent relationship with a particular lender to convince them to take up the case. This lender is a regulated bridging lender, which was ideal for the solution I had in mind. I knew I would need to use a bridging loan to secure the finance quickly. I therefore took out a bridging loan over his London property—a gross loan of £785,000 at 1.05%, retained for a period of six months. As the bridging loan was a short term solution, I proposed an exit strategy of remortgaging on to a buy to let mortgage from a private bank. This meant that my client had the funds free to purchase the new property for his family member, which was a fantastic result for him.]]>