The clients are from North Yorkshire. Mr. is self-employed, and Mrs. is employed by the NHS. Due to health issues, Mr. experienced a significant drop in income, which led to financial strain.
Area: North Yorkshire
Capital Raised: £355k
The clients are from North Yorkshire. Mr. is self-employed, and Mrs. is employed by the NHS. Due to health issues, Mr. experienced a significant drop in income, which led to financial strain.
The couple had an outstanding mortgage soon to expire, a secured loan, credit card debts, an overdraft and funds required for a new driveway to their annexe.
The clients sought a bridging loan of £355,000 to consolidate their mortgage, loans, and debts while financing the driveway construction. The annexe, a separate 3-bedroom detached cottage, was expected to be sold for approximately £350,000, which would serve as the primary repayment strategy and a smaller mortgage.
Several challenges made securing the loan urgent:
A Fast Track Fixed Bridging Loan was secured with the following terms:
The fixed-rate bridging loan provided certainty of costs, allowing the clients to plan their financial future without concerns about fluctuating interest rates.
The loan application process was expedited to address their financial constraints. Key steps included:
Conclusion:
This case study highlights how a bridging loan effectively facilitated financial restructuring for a couple facing income challenges. By leveraging short-term financing, the clients successfully consolidated their debts and positioned themselves for long-term economic stability with the sale of the annexe.
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