Short-term finance arranged on part-exchange property

Our client is an experienced property developer who was selling a house that he had purchased and refurbished. Unusually, when he bought the property he was given another property (which was unencumbered) in part-exchange.

The developer had refurbished the house being sold using a bridging loan secured on it and this loan needed to be cleared before the sale could proceed. So, we arranged short-term finance on the unencumbered property (which was valued at £275k) in order to pay off the bridging loan.

Property value: £275,000

Loan amount: £192,500

LTV: 70%

Rate: 0.69% pm

Term: 12 months

Lender arrangement fee: 1.95%

Completion date: September 2014

This is just one example of how I've helped a client secure short term finance. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.