How To Quickly Arrange Bridging Finance
THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES:
Fox Davidson were contacted by an accountant in Bristol that regularly refers business to Fox Davidson. The introducer needed some quick, short term finance for some family of theirs. We were introduced to his mother and aunt whom had very respectable ages of 92 and 93! Both had houses in the same street in a town about 10 miles south of Bristol. They needed more care and our client had found them the perfect property near his house in North Bristol where they could receive better care and attention from the family. They needed to move very quickly in order to secure the purchase as the vendor was not well and he also wanted a quick sale.
Fox Davidson approached a regulated bridging lender to discuss the situation and how we might help to get the ladies moved into the new property as quickly as possible. Once the existing properties were sold the bridging finance would be cleared. One house already had an offer accepted on it, so the bridging finance would not need to be in place for long. Just long enough to allow completion on the purchase and for the ladies to secure the best sale price on their existing homes.
The clients benefitted from our expert short term financial advice. We discussed their needs and quickly selected a suitable rate and also a lender that would be able to work quickly to enable them to achieve their desired result.
Bridging can be cheaper than expected and having a lender on board who understood the urgency and wanted to help the ladies secure a new home was great. The rate offered of 0.49% per month was competitive, the lender agreed a 12 month bridge to allow time for any unforeseen hiccups on the sales and most importantly they could move quickly.
IN OUR OWN WORDS:
This was an emotional situation for our clients, the introducer and also the vendor. We had to ensure things happened quickly and without issue so as not to add any further stress to an already stressful situation for all involved.
Fox Davidson chatted over the clients short term needs and long term goals. When we were approached the clients didn’t think it would be possible to obtain bridging finance because of their ages. To overcome the age issue and being able to help them move into a more appropriate and comfortable home quickly was a great achievement.
It is vital to have an experienced solicitor when arranging bridging finance. The clients had a conveyancing solicitor who was not experienced and this caused delays in the process. We can help when selecting a solicitor for bridging finance. Simply proceeding with the cheapest solicitors quote can actually cost a lot more time and money in the long run.