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High Net Worth second charge bridging loan to fund buy to let expansion


Our client, a married couple, owned a number of properties with a total value of £19m and had £6m of loans secured on the portfolio. They, therefore, had a net asset worth of £13m, which easily qualified them for High Net Worth status.

The couple wanted to finance the expansion of their buy to let portfolio, and chose to do this with a second charge bridging loan on their main residence. The property, a four-bedroom detached house in West London was valued at £1.65m, with an outstanding first charge of £590,000. The couple was able to raise the £530,000 they needed to expand their portfolio on a one-year bridging loan with rolled up interest and an annual interest rate of 8.99%.

As interest was rolled up, there were no payments due on the loan, and so no impact on the couple’s cash flow. They will repay the balance at the end of the term by refinancing other properties within their portfolio. The minimum interest commitment of the loan is just three months, so if the couple wants to redeem it before the end of the term, they will be able to do so without incurring early repayment charges.

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