A £2.61m regulated bridging loan has allowed a borrower to acquire a substantial private residence in Somerset without their purchase being tied to the sale of a separate London property.
The 12-month facility, arranged by StreamBank, enabled the borrower to move quickly when the neighbouring property became available, rather than waiting on the proceeds of a London sale valued at around £2.5m. The family plans to relocate into the larger residence, retaining flexibility over when to sell the London home.
The loan was secured against both the newly acquired Somerset property and the borrower’s existing residence next door. Combined, the two properties were valued at approximately £4.3m: the acquired home at £2.3m and the existing one at £2m. The overall loan-to-value came to 61%.
The case was introduced by Sanjay Lalji of Coreco and led by Lorenzo Satchell, national accounts director, property finance at StreamBank. The borrower’s financial profile presented no conventional earned income. Instead, the assessment centred on substantial trust assets and an established rental property portfolio, requiring the team to consider the borrower’s wider asset position rather than apply a standard income-based approach.
“This transaction shows why the assessment of a bridging case has to extend beyond a borrower’s monthly income,” said Satchell (pictured).
“For clients with substantial wealth held through trusts, property or other assets, their financial position can be far stronger than a conventional income assessment might suggest.
“The key was understanding the strength of the borrower’s overall position and structuring the loan around a credible primary exit, with further assets providing an additional repayment route. The adjoining property represented a rare opportunity for the family, so the value of the bridge was in giving them control over the timing of the purchase rather than forcing it to depend on another property sale completing first.”
Lalji, mortgage adviser at Coreco, said the deal illustrated why open communication between broker and lender matters on high-value cases.
“Cases involving high-value properties and more complex sources of wealth depend on the broker and lender having a clear understanding of what needs to be achieved from the start,” he said.
“Being able to discuss the detail directly with the StreamBank team meant we could establish early on how the case could be structured and what would be required to get it through to completion.”
Please visit:
Our Sponsor
