Precise has announced that it has completed a £900,000 bridging loan to help clients buy a retirement home in Sussex before selling their existing properties.
The clients had found an £800,000 property as part of a planned move from London to the Sussex countryside. Other buyers were interested and the clients’ existing properties had yet to sell, so they needed to move quickly to avoid losing the purchase.
How the loan was structured
Broker Yomo Finance introduced the 12-month bridging loan, which Precise secured against the clients’ two mortgage-free properties, valued at £1.2m and £700,000. The £900,000 raised let the clients buy the new home outright, with the remaining £100,000 covering stamp duty, legal costs and cosmetic works.
Both existing properties were Grade II listed, so they needed physical valuations, while an automated valuation model (AVM) covered the onward purchase. The case completed 25 days after offer, with the lender providing BDM support throughout alongside assessment and underwriting.
The loan will be repaid from the sale of the clients’ existing properties.
“This case shows how bridging can help when clients have found the right property but need to complete before their existing properties have sold,” said Alan Kimber, head of bridging (pictured).
“By taking both properties as security, we were able to structure the funding around their circumstances and provide the £900,000 they needed to complete the purchase and cover the additional costs.”
“The clients had found the home they wanted to retire to and were keen not to lose it while waiting for their existing properties to sell,” noted Ben Groves, managing director and founder of the broker. “Precise understood the time-sensitive nature of the purchase and worked closely with us throughout the case, giving the clients the flexibility to secure their new home and make the move from London to Sussex.”
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