Purchase bridge for a block of flats in East Yorkshire​

Our broker’s client required a purchase bridge for a block of 18 flats. We were able to lend 80% of the required funds based on the block purchase price. Our LTV and exit was based on the aggregate value of the units, given the refinance options available to the borrower.

QUICK LOAN OVERVIEW
🏠 Gross Loan: £1,270,000
🏠 Purchase Price: £1,500,000
🏠 BMV block purchase of 18 flats
🏠 12-month term
🏠 Exit strategy: Refinance

Danny Scoltock, Senior Underwriter, commented: “This was a good example of lending with a commercial approach. We understood the purchase price was lower as a block value, but the client had the intention and ability to refinance using the aggregate value of the units. We were therefore able to maximise our lending on the purchase, given there was a clear plan and an evidenced exit method.”

For more information on our short term bridging loan, click here.