Bridging Finance on Buy to Let
A client approached us who had an outstanding mortgage of £200,000 on a villa in Spain, the villa was worth £210,000. The bank were recalling its debts due to the weakened Spanish economy and offered the client a short settlement opportunity to pay £160,000 to clear the mortgage on the villa. This is a classic example of when bridging finance should be used. The lend was unusual, but time critical.
The client had an unencumbered, buy to let property in Surrey which was worth £325,000 so we were able to take a first charge over this property. The client’s exit strategy was to re-mortgage the Surrey property onto a buy to let Mortgage, this would take around 8 weeks to complete.
The client was recommended to us by an existing borrower. He was very happy with our speedy service and fast committed decisions. We valued the recommendation and rewarded our client with a £500 Amazon vouchers as a thank you
Bridging Finance on Property Development
A client came to Greenfield Capital through recommendation. He had been let down by his bank. He had a property which he owned outright which was half way through construction. A lease had been agreed with a potential tenant. We were comfortable that the facility could later be refinanced onto a commercial mortgage with a high street bank. We provided him with all the money needed to complete the development on the property and released it in tranches, the final tranche has just been released.
The property is due for completion in a matter of weeks at which stage the tenant will be occupying the property. We have already heard from her commercial mortgage broker as they require information to proceed with the refinance of the property.
+John Yates Managing Director of Greenfield Capital has 12 years commercial and residential property funding experience. John was responsible for managing the secured lending department of a high street bank and brings a wealth of experience in property underwriting.