Rundown / Non-Standard Property Bridging Loan
GWD Finance are specialists in bridging loans for the purchase of rundown / non-standard properties
Not all properties are habitable or acceptable to standard mortgage lenders – but sometimes you may want to buy them anyway.
Bridging lenders are more comfortable with these properties and can be used to purchase them whilst they are made good for a standard mortgage. The property can then be refinanced when it is in a mortgageable condition.
Example
A couple were buying a property off-market; it had previously been used as a wedding venue and was listed on Airbnb.
It had a commercial kitchen and multiple residential units and access points.
The clients had tried to get a standard mortgage with a high street lender, but the surveyor did not deem the property as suitable security.
The vendor was offering a discounted purchase price, but only if our client completed within a certain period of time.
We managed to secure a bridging loan against the property so our client could buy the property. At the same time we lined up a refinance of the bridge with a high street lender.
The client removed the commercial kitchens and access points on completion, making it suitable security for the high street lender.
We then put the application in and completed the refinance as quickly as possible.
The clients are now in their dream house on a standard mortgage.