Bridging loan for divorced client to remortgage family home

THE SCENARIO

I was recently referred a client who has worked with Enness on multiple cases in the past but who now needed specialist support in securing a bridging loan. My client had moved out of his marital home but was looking to remortgage it as his family was still living there.

Previous to his referral to us, an application had been made to a lender who, following receipt of the report, reduced the offer to a lower loan to value (LTV). This reduction meant the loan was insufficient for the client as it was lower than the existing lender’s loan amount. The lender proposed to take both his family home and his previous home, where his ex-wife was living, as securities, but due to the sensitivity of this situation and the fact he needed to move quickly, it was necessary to approach a different lender.

Instead of making the situation complicated for the client by asking him for more information and adding another property, I quickly decided to contact another lender who was able to give the client the amount required by using only his family home. Having already had most of the information required, we sent everything over to the new lender for the loan to complete in a timely fashion.

Because of our excellent lender relationships, I knew exactly which one would be the best in this scenario. We approached a lender who we were working a lot with as we knew exactly what they required for us to complete the loan, and how they would proceed. It was essential for us to get the necessary documentation together quickly in order to meet the deadlines of the client.

We were able to find a solution whereby the lender offered a first charge over the client’s current home, with a loan of just over £840,000 of the £1.2million property, at 0.85% over a 12-month term.





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