| We were approached by Mr & Mrs A to help them purchase their dream home in Spain. They needed to raise £300,000 to complete the purchase whilst their house was on the market. There was enough equity in their home in England for us to arrange a second charge which gave them enough money to purchase the property and a little extra to cover the payments of their bridging loan. The clients purchased their home in Spain and did not have to worry about the monthly payments for the bridging loan as they were already taken care of. They sold their house in England a few months later, repaid the bridging loan and retired to Spain.
Mr. B, Director of XYZ Limited, needed help when a tax bill arrived that he had overlooked. He asked us to provide a bridging facility to pay the Inland Revenue until funds from a business transaction came through. Unfortunately, Mr. B did not have enough equity in his property. He did however own a shop outright. We arranged a first charge on his shop and a second charge on his house to provide enough money for Mr. B to pay the Inland Revenue.
Mrs C asked for our advice as she found herself in mortgage arrears following a divorce. The building society was seeking to repossess her property and she asked if there was anything we could do to help.
We arranged a bridging loan for 12 months to repay the building society and for all of the monthly payments to be deducted. This gave Mrs C the chance to "repair" her credit rating as she could now provide a payment history. She later went on to apply for a remortgage to pay back the bridging loan.
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