- £3 million bridging loan for client purchasing new home
- 100% of purchase price raised including stamp duty
- 0.48% per month interest rate
Our client was keen to raise the funds to purchase a new home but her main residence was on the market and she did not have a buyer.
She had a short completion deadline and a mortgage fee high-end property in London.
What were they looking for?
She was looking for a competitively priced bridging loan from a large lender. She had terms provided by another broker but thought they were expensive and approached Trinity for a second opinion.
Why was it difficult?
Our client wanted to raise 100% of the costs including the enhanced level of stamp duty to purchase a £3 million property. She owned other properties.
How did we help?
As soon as our broker received a copy of the terms being provided by the other broker he knew he could get a better deal. He also took the time to fully understand our client's overall financial situation.
He swiftly set up a meeting with a bank offering some of the cheapest bridging terms on the market.
What was the rate?
The 0.48% rate was charged over 12 months, and it had a 2% arrangement fee.
There was a higher early repayment fee payable if the loan was repaid within the first month. After the first month, there was a £500 exit fee.
How was the bridge going to be repaid?
Our client’s existing main residence was on the market and once the property was sold the proceeds would be used to repay the bridging loan.
Call Trinity Financial on 020 7016 0790 to secure a bridging loan