Bridging Loan Buys Dream Family Home
Property Case Studies
Our client is an experienced developer, with a portfolio of ground up and conversion schemes. The family found an opportunity to develop their dream family home in Cambridgeshire.
The property, an old farmhouse sitting in five acres and was un-mortgageable in its current condition. It was available to buy at auction with completion terms of 28 days. The plot came with existing planning permission, which gave our client a unique opportunity to utilise their development experience and develop their own home.
We sourced an auction bridge that enabled our client to secure the property within the time constraints. At the same time, we worked closely with our regulated broker partner to ensure our client could exit onto a regulated self-build mortgage. The mortgage would fund the cost of a large extension, once the plans were submitted and further planning permissions were granted.
The client secured the property and completed on the purchase at the end of January 2022. They are now on site and conducting works to the existing building. Enhanced plans have been submitted and once granted, the bridge will be converted to a longer term self-build mortgage.
The client is absolutely delighted to have secured a fantastic and rare opportunity to create their dream family home.