This client purchased a property for conversion into holiday lets. They needed capital to fund the work and a quick solution was required.
The property was not habitable due to the changes, so a short term loan was needed until the work was finished. As the property was a new holiday let, mortgages for the value of the property or the income it will generate are limited until it has been running for at least 6 months.
A bridging loan was agreed and available to draw down in three weeks with a loan term of 12 months if required. Solutions to refinance when the work is completed also shortlisted to make sure the client can pay off the bridging loan and pull capital out of the property as soon as possible for future projects.