Case Studies

A high profile regional house builder was approaching completion of their largest development to date. Half of the units were sold, and the agreed date for repayment of the Banks’ development loan was approaching fast. We arranged a bridging loan against a number of the remaining units, which along with the sales already achieved allowed the developer to take out the Bank, and restore some cash flow to the company. This respite allowed the developer to concert efforts on a marketing drive, and sell the remainder of the units without having to give away substantial discounts.

Housing Chain

Mr and Mrs Barker of Northampton had agreed a discounted price for a new build property in Market Harborough. They had found a buyer for their own property, but the day before exchange of contracts was due to take place their buyers pulled out of the sale. They were left with a real dilemma as they risked losing the home of their dreams and a 5% deposit paid on the property. A friend suggested they contact Landbridge Finance. Due to the discounted price and 5% deposit already paid, the Barkers’ were able to borrow 100% of the completion monies less than 48 hours later. Their own property sold 5 weeks later and the loan was repaid.

Fast Track Business Purchase

Mr Ashworth runs a successful machinery hire company from a rented office / warehouse building in Middlesbrough. The owner desperately needed to raise cash and as the sitting tenant Mr Ashworth was given first option to purchase the building. Mr Ashworth had explored the possibility of a long term commercial mortgage for the property but needed to complete within just 2 weeks, a timescale the mortgage lender could not meet. Mr Ashworth contacted Landbridge Finance and we arranged a valuation of the property within 24 hours. We were able to fund 90% of the purchase price within the 2 weeks through our fast-track commercial mortgage, and Mr Ashworth became the proud owner of the property.

Auction Properties

Mrs Frazer of Manchester wanted the facility to borrow 100% of the purchase price of properties bought at auction. Using her existing home property as additional security, she bought 3 properties at auction within the first year, paying the normal 10% deposit from funds we advanced, and completing on the purchase within 28 days. Mrs Frazer then carried out some minor refurbishments and improvements to the properties, before selling them on at a handsome profit.

Holiday Home

Mr & Mrs Eccleston of Portsmouth had agreed the purchase of a home in France where they planned to spend their retirement. They hadn’t yet put their own house on the market but didn’t want to miss the opportunity. Fortunately Mrs Eccleston had worked with Landbridge Finance regularly in her former job, confident we would have the solution, they contacted us and we arranged all of the funding required for the French property, this was secured by way of 2nd charge on their existing home. The loan was structured so that interest could be added to the account each month, providing a 6 month payment holiday. The Eccleston’s subsequently put their house on the market, and after declining a number of offers below the asking price, they completed the sale with 9 weeks of the payment holiday to spare.

Investment Property

Mr Anderton wanted to purchase a retail unit with living accommodation above to add to his existing investment property portfolio. The property was currently let and the tenants planned to continue renting the property after it changed hands. Landbridge Finance instructed a valuer on the clients’ behalf, with a rental income of £32,000 pa the property was valued at £365,000. Although Mr Andertons’ company had incurred 2 satisfied CCJ's within the last 2 years, we were still able to source an attractive deal via one of our self certification products. Mr Anderton was offered a mortgage of £273,750, or 75% LTV. The rental income being achieved allowed the loan to be serviced comfortably at a rate of 7.65% (2.25% above Bank Base Rate at the time of completion).

Final Demand

Mr & Mrs Conways’ company had an outstanding VAT bill and received a final demand to pay the bill within one week. They were in the process of re-mortgaging a portfolio of buy-to-let properties but were not be able to release the equity in time to pay the outstanding bill. Mr Conway did not want to risk waiting for the re-mortgages to complete so he contacted us, and we were able to complete the loan within 48 hours. The mortgages completed 5 weeks later and the loan was repaid.

Payment of Arrears

Mr & Mrs Rowland of Warrington, Cheshire had fell in to arrears with their mortgage due to Mr Rowland being incapacitated from a car accident, they had decided to downsize but repossession proceedings had begun. Their property, a detached house with grounds was valued at £534,000, and the total amount outstanding on their mortgage including arrears was £307,600. We arranged a bridging loan of £340,000, the mortgage was repaid within 4 days, and the Rowland's kept their home, before down sizing and becoming mortgage free.