Although Greenfield Mortgages is recognized as a leading regulated bridging lender, a large number of unregulated bridges are also completed every year.
In a recent case, husband and wife property investors were keen to purchase a lovely 5 bedroom home at auction. The plan was to add the new property to their existing portfolio and carry out some light refurbishments.
Issues started to occur when our clients found out they wouldn’t be able to secure a BTL mortgage within the 28-day auction window. At this point, they got in touch with Greenfield and we were able to quickly step in and provide a bridging loan for the full purchase price meaning the sale could complete on time.
Greenfield was able to provide a net loan of £230,000 towards the auction purchase at an interest rate of 0.59% per month. Exit from the bridging loan will come via the refinance of an unencumbered BTL property in the background.
The key benefits of a bridging loan from Greenfield Mortgages are bridging loans can be secured within a matter of days. Our experienced team have a wealth of knowledge when it comes to auction purchases and will be able to guide you through the process.