We were approached by a client looking to purchase a property that they were currently renting, and had agreed to purchase almost 2 years ago.
It’s not uncommon for our team to be approached by clients with a situation such as this however, there were complexities with this case. One of our highly experienced brokers, Stephanie, was unable to obtain a standard residential mortgage for the client due to the nature of the client’s earnings, and with no clear exit to evidence, she had to find a regulated bridging lender that would accept the sale of the property as the exit – which is very unusual on a property that requires no work to increase the value.
With the client having already agreed to purchase the property, notice was served from the vendor and Stephanie was on a tight timescale to find a suitable lender. By using her expert knowledge, and taking it right to the wire, she was able to secure a 1st charge bridge with Alternative Bridging Corporation and the client successfully purchased the (now no longer rental!) property.