Residential Bridging Loan (March 2011)

The client was purchasing a house that was being used as a dental surgery. There was no kitchen/bathroom other than very basic facilities and the property did not have the relevant change of use back to residential from the Council. This property was therefore not mortgageable on a residential basis. The bridging loan was taken for three months to allow the borrower to install a full kitchen and bathroom and obtain the relevant permissions from the local authority before remortgaging to a high street residential mortgage.