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The Challenge
Our clients had purchased a new home with the help of a bridging loan and began renovation works with a contracted building firm. Unfortunately, the builder delivered poor-quality work, causing significant delays and requiring a replacement contractor to carry out remedial and completion works. As a result, the new property remained uninhabitable, and their original bridging loan was nearing expiry. The clients urgently needed a new bridging facility to repay the existing lender and buy time to finish the renovations so they could move in and proceed with the sale of their former residence.
The Solution
We provided a net bridging loan of £387,000 at 75% loan-to-value, secured against the property being sold. This allowed the clients to redeem their existing loan and provided sufficient time to complete the necessary works on their new home, ensuring it became habitable.
The Outcome
With the pressure of the expiring loan lifted, the clients were able to focus on finishing the renovations at their own pace. Once completed, they were in a position to move in and list their former residence for sale, enabling a smooth transition and a more effective exit strategy.
Andrew, Underwriter at Greenfield, added:
“Bridging finance works best when the exit strategy is clearly achievable but sometimes unexpected setbacks, like this, occur through no fault of the client. It was a pleasure to support them with a tailored solution that gave them the breathing space they needed to complete their project and move forward with confidence.”
Sam Baker, Senior Finance Broker at Clifton Private Finance, commented:
“Getting this case completed was a very positive outcome, and I was impressed with both Greenfield’s 75% re-bridge offering and the clear, smooth service provided throughout the process. Although several individuals at the lender were involved, communication was consistent, and everyone seemed fully informed at every stage.
As the synopsis highlights, the clients are genuinely good people, and it's unfortunate they were left in such a difficult position by previous contractors. However, Greenfield were able to assist with a market leading offering and help to solve their predicament.”
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