Loan amount:
£272,000
Property Value:
£450,000
LTV:
60%
Initial Circumstances
A new offshore client, from the US, recently enquired about a bridging loan. The client had a buy-to-let asset in Reading that currently had a first charge term loan against. Their term was coming to an end and therefore they needed the funds quickly to redeem the charge. However, they were also looking to increase the borrowing against the asset to consolidate some additional debt.
We were more than happy to consider the request.
Solutions
The client’s dedicated underwriter was able to assess the situation and walk the borrower through all the documentation needed for their bespoke bridging loan. Once the paperwork had been collected and approved by our legal team, we were able to proceed with the bridging loan application.
We were able to conduct video calls for the majority of the application – whilst couriering original signed documents. By conducting the remaining paperwork online, minimizing the stress for our client, the bridging loan proceeded quickly and without interruption.
Benefits
By arranging video calls, we’re able to continuously keep the deal moving. Our dedicated underwriter was on call to assist with all the paperwork and talked the borrower through each stage with an open and transparent view.
The borrower was able to sort and rearrange his finance seamlessly from abroad.
Further reading:
- Featured Product: Foreign Nationals & Overseas Bridging Loans
- Explainer Video: Overseas Bridging Loans
- Tool: Bridging Loan Calculator
- Guide: Guide to Buy-to-Let
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
- Blog: The benefits of buy-to-let and is BTL still worth it?
