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Client: Homebuyer
Location: York, North Yorkshire
Loan Amount: £400,000
Term: 6 months
Loan Purpose: Chain break
LTV: 60%
Exit Strategy: Sale of previous home
The Challenge
A client had agreed to purchase a new-build property in York, but the sale of their current home fell through two weeks before exchange. With a reservation deadline looming and £15,000 already committed in fees and deposits, the client faced losing the deal entirely. They needed a fast solution to keep the transaction alive.
Our Solution
BridgeLoanDirect arranged a £400,000 bridging loan secured against the unsold property. The bridge provided 100% of the funds needed for the new purchase, with interest rolled up over a 6-month term. We worked closely with both sets of solicitors to ensure simultaneous completion, and the funding was ready in 11 working days.
The Result
The client moved into their new home without delay and sold their previous property six weeks later for £475,000. The bridge was repaid in full, and the client avoided financial penalties and stress.
This case highlights the importance of speed and reliability in residential transactions where chains are fragile.
