Securing a 70% bridging rate on an East London buy-to-let new build

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THE SCENARIO

There’s been a recent scramble among developers to acquire land in one of London’s most creative neighbourhoods, E8. Encompassing Dalston, Hackney, Haggerston and London Fields, this area has a distinctly young, innovative vibe, and is the perfect locale for new builds to spring up.

My client came to Enness after searching around online following some unique complexities to his case. He had already put down a 10% deposit on the build 18 months previously, but his former lender suddenly let him down by dropping his case with only two weeks to go until completion. He needed a solution fast, and Enness was able to provide.

OUR SOLUTION

It was imperative to work quickly on this case. Because of the sudden action of the client’s previous lender, I felt it necessary to complete his mortgage application within the two weeks that he had left until the original date of completion. I was able to offer the client a compelling bridging loan of 70% loan to value (LTV) at 0.75% per month with a 2% arrangement fee.

My client was delighted with the fact that this meant he wouldn’t lose anything from his considerably large deposit and it gave a very healthy 6-month period of breathing room to arrange the mortgage. I was able to do this for my client within our fairly tight two-week time frame. That is the beauty of the service clients receive from Enness; we are able to tailor each case to our clients’ needs no matter the complexity and we can do so quickly and effectively.

 

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